- Source: Vincenzo Maranghi
Vincenzo Maranghi (born in Florence on August 3, 1937) was an Italian magnate, investment banker, and the CEO of Mediobanca.
Early life
Maranghi graduated from a high school run by the Piarist Fathers in Florence, later enrolling in the Faculty of Law at his local university. Maranghi moved to Milan, where he studied at the Catholic University of The Sacred Heart and continued to read Law while working part-time as a journalist at the Il Sole newspaper.
When Maranghi graduated from Law school, he founded "Quattrosoldi," an economics magazine aimed at providing advice to working-class Italians, he started the publication alongside Italian media executive and print-media magnate Gianni Mazzocchi. Early in his career as a journalist, Vincenzo Maranghi married Anna Castellini Baldissera, a member of the influential Castellini Baldissera family, who had made their wealth in banking and textiles. After his brief time as a journalist, Maranghi was placed in charge of restructuring and managing the "Centre for Economic Studies of Alta Italia." Around this time Maranghi also worked in the offices of Remo Malinverni, the General Director of the ORGA business consultancy institute, a pre-eminent Italian think-tank.
Career
Maranghi's career in finance began when he was offered a job at Mediobanca, where he worked for Enrico Cuccia. Cuccia was considered to be one of the most influential financiers in the world at the time. Enrico Cuccia obtained his power & influence through his dealings with Fiat and several of Italy's largest businesses. During his time at Mediobanca Maranghi quickly ascended to the role of Cuccia's most important confidant. Early on he was promoted to central co-director of the bank, eventually becoming the central director for all of Mediobanca's operations two years later, a role which meant he effectively had managerial oversight over the entire firm.
In 1982, after Enrico Cuccia's resignation, Maranghi was appointed Director of the Board.
Maranghi took over Silvio Salteri's role as general manager and managing director, ensuring his place as the heir or "Dauphin" of Mediobanca, as he was often referred to. During his years of directing the bank, he began several initiatives to secure its independence and ensure its upward mobility. Maranghi is largely accredited with being responsible for much of the growth and development that Mediobanca's business consultancy arm, capital markets, and investment portfolios experienced in recent years; his development of financial strategies and infrastructure within the company provided significant revenues.
As CEO of Mediobanca
When Enrico Cuccia died on June 23, 2000, Maranghi became CEO. Maranghi's succession had been a long-accepted fact, he was often referred to in the Italian media as "Cuccia's Dauphin" or prince. Maranghi's succession was further secured by the firing of younger bankers such as Gerardo Braggiotti and Matteo Arpe, who had conspired to take the position for themselves. Maranghi held his office until April 13, 2003, when he resigned, following a long financial battle due to internal scandals and politics which precipitated inside the highest levels of executive management. This crisis led to a new syndicate agreement and bank governance structure.
When resigning Maranghi made sure that Mediobanca maintained independence by renouncing any personal benefits that were not already foreseen by his ordinary employment contract. He did this in part because it allowed him to leave the bank in the hands of his two closest confidants, Alberto Nagel and Renato Pagliaro.
Death
Vincenzo Maranghi died of a terminal illness in Milan on July 17, 2007.
