New CEO takes over as Prysmian sets up new organizational structure

On April 18, 2024, after the shareholders’ meeting, the Italian cabling giant Prysmian has confirmed its new Chief Executive Officer (CEO) and General Manager to be Massimo Battaini. 

According to the company, this marks the new organizational setup which is aimed at supporting the group’s strategic plan and value creation.

The new organization, as previously announced in December, consists of four business units, including transmission, power grid, electrification, and digital solutions, to comprehensively address market trends concerning energy transition and digital transformation, while also facilitating the group’s growth objectives, said Prysmian.

In addition to the four business units, the group’s matrix structure includes nine geographical areas or regions. According to the Italian company, this setup aims to enhance its ability to stay connected with local markets and customers on a regional and national level, while also promoting more efficient and effective operational management.

“I am very proud and honoured of my appointment as CEO and General Manager. Aware of the great responsibility they have entrusted me with, I wish to thank all the shareholders for their trust and support,” said Massimo Battaini. 

“I am certain that, thanks to the team of extraordinary managers who will work with me, we will be able to support our ambitions and the challenges we take on as market leaders. Our People’s competence and passion and our new organisation will allow us to be increasingly effective on the market and also to welcome with enthusiasm Encore team.” 

Prysmian recently delivered financial results for the year 2023, saying it had a “remarkable performance” with “outstanding” financial results. In March, when the financial results were revealed, Battiani was standing as a CEO-designate of the company. 

Net profit of the company increased 7.5% to €547 million, compared to €509 in 2022, and net profit attributable to owners of the parent company amounted to €529 million, compared to €504 million in 2022.