The chief executive of troubled Italian power utility Edison SpA's (EDI.MI) has been asked to step down by French power giant Electricite de France SA (EDF.FR), a source close to EDF said Monday.

Edison Chief Executive Umberto Quadrino "has been asked to step down due to his performance at the helm of the company which is in a bad shape," the person told Dow Jones Newswires, citing the four profit warnings Edison issued, three in 2010 and earlier this year.

When Quadrino's mandate expires, "he simply won't be renewed," the person explained, when asked about detail on Edison CEO's dismissal.

An Edison spokesman declined to comment.

EDF and smaller Italian utility A2A SpA (A2A.MI) have been contesting for control of Edison, Italy's second-largest utility. A2A recently announced that the two sides would extend an existing shareholders pact for six months.

According to Edison's legal status, it is EDF's prerogative to appoint or to dismiss the top manager of the Italian utility.

The decision to dismiss Quadrino has been approved by EDF's other major shareholder, A2A Spa (A2A.MI), according to the source close to EDF.

A spokesman for A2A could not be reached Monday.

The decision will be made official during Edison's general meeting in mid-May, the person close to EDF said.

- By Geraldine Amiel, Dow Jones Newswires; +33 1 40171740; geraldine.amiel@dowjones.com;

(Liam Moloney contributed to this story.)
A2A (BIT:A2A)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more A2A Charts.
A2A (BIT:A2A)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more A2A Charts.