Berlusconi family holding adds two board seats as daughter Eleonora joins

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Berlusconi family holding adds two board seats as daughter Eleonora joins © Reuters. Eleonora Berlusconi, Barbara Berlusconi and Luigi Berlusconi react on the day of the state funeral of former Italian Prime Minister Silvio Berlusconi outside the Duomo Cathedral, in Milan, Italy June 14, 2023. REUTERS/Claudia Greco/File Photo

MILAN (Reuters) – Italy’s Fininvest is naming two new directors, as the Berlusconi family’s holding company reshuffles its board based on accords among the five heirs of late media mogul Silvio Berlusconi over the future of his business empire.

Under the revamp, Eleonora Berlusconi, 37, will join her siblings who already sit on Fininvest’s board, a source with knowledge of the matter said on Wednesday, confirming a report by Italian daily La Repubblica.

The other new entry is lawyer Michele Carpinelli, an M&A expert and a long-time family adviser, the source added.

In his will, Berlusconi, who died aged 86 in June, handed his eldest children, Marina and Pier Silvio, joint control of Fininvest through a combined, indirect 52% stake.

Marina and Pier Silvio have been directly involved in running the family business for almost two decades.

Their younger siblings Barbara, Eleonora and Luigi, all from Berlusconi’s second marriage, hold the remainder of Fininvest.

With the new additions, which will be effective on Nov.30, the total number of seats on the board will rise to 10 from eight and each side of the family will add a representative, the source said.

Marina Berlusconi has chaired Fininvest since 2005. Pier Silvio, Barbara and Luigi have long been board members.

Berlusconi’s will has been unconditionally accepted by all his five heirs, who then agreed a pact that entails, among other things, a five-year lock-up period during which their Fininvest stake cannot change.

The two eldest heirs have also agreed to vote together at the family holding company’s shareholder meetings.

Fininvest’s assets totalled 4.5 billion euros at the end of last year and comprised publisher Mondadori, broadcaster MFE-MediaForEurope, as well as a 30% stake in Italian asset manager Mediolanum, which are all listed on the Milan stock exchange.

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