A company announcement said that the board of Fincantieri, Italy's state-owned shipbuilder, selected Biagio Mzzotta as its chairman. He is currently head of Italy's state audits, which reports to Italy’s Economy Ministry.

Mazzotta replaces Claudio Graziano who passed away in June.

Political sources have said that Daria Perrotta is likely to succeed Mazzotta in the position of state comptroller general. She currently heads the legislative bureau of the Economy Ministry and works closely with Minister Giancarlo Giorgetti.

Mazzotta (62), has received widespread criticism for his failure to stop the overspending of budgets due to expensive fiscal incentives to renovate homes, and which will keep Italy's massive public debt in an upward spiral until 2026.

The problem has escalated despite the warnings from successive governments of all colours. Reporting by Giuseppe Fonte, Editing by Susan Fenton

(source: Reuters)