Italy’s state-owned rail operator names new CEO

Michele Mario Elia has become the new chief executive officer of Italy’s national rail operator Ferrovie Dello Stato Italiane (FS).

Elia takes over from Mauro Moretti who was moved over to head Finmeccanica during a recent reshuffle of executives within Italy’s state-owned enterprises.

The FS board announced the appointment as it published the group’s financial report for 2013.

FS recorded a net profit of €460 million last year. Operating revenues rose by 1.2 per cent to €8.3 billion while operating costs fell slightly to €6.3 billion.