Saipem appoints new chief financial officer

Italian oilfield services contractor Saipem has named a new chief financial officer (CFO).

Saipem said on Monday that Stefano Cavacini would assume the role of CFO with responsibility for administration, finance, and control with effect from November 15, 2018.

According to the company, Cavacini has significant experience in the role of CFO in important multinational groups in the industrial sector.

He will replace Giulio Bozzini, the company’s chief financial and strategy officer, who will pursue other professional experiences and leave the company effective from October 15, 2018.

In the period between Bozzini’s leaving and Cavacini’s entry, the responsibilities of the CFO will be taken by Saipem’s CEO Stefano Cao.

Saipem added that, since June 7, 2016, the role of manager responsible for the preparation of the company’s financial reports has been held by Mariano Avanzi, manager of planning, administration, and control.