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Tue, Feb 26, 2013

AgustaWestland's Bruno Spagnolini Removed From Position As Scandal Grows

Head Of Finmeccanica's Helicopter Division Replaced By Daniele Romiti

The bribery probe that cost Finmeccanica CEO Giuseppe Orsi his job has now led to the ouster of AgustaWestland head Bruno Spagnolini as an investigation into a deal with the Indian government deepens.

Finmeccanica has delayed the release of its financial results until April as the company continues its reorganization following the arrest of Orsi on tax evasion and fraud charges. Orsi has been implicated in a possible bribery scheme related to the sale of 12 AW101 aircraft to the government in India.

In a news release, Finmeccanica said that it has increased the number of Surveillance Body members up to a maximum of five while centralizing the Group’s Internal Audit activities, in order to exercise a more direct and incisive internal control over the correctness of the processes adopted by the Group companies. It further announced that Daniele Romiti has been nominated as Chief Executive Officer of AgustaWestland N.V., replacing Bruno Spagnolini, who is under house arrest, according to a report appearing in Bloomberg News.

The company has shared the new organizational structure of Finmeccanica S.p.A, proposed by the Chief Executive Officer and Chief Operating Officer Alessandro Pansa, aiming at its simplification to achieve the best operating efficiency, and approved the centralization of the Group’s indirect procurement, including ICT procurement and insurance policies, for these latest a competitive process will be activated.

Finmeccanica said it is determined to continue with the implementation of the restructuring plan of the Group, in particular in some areas of activity, in order to achieve a significant and sustainable recovery of profitability and the ability to generate cash flow.

FMI: www.finmeccanica.com

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