On 27 January 2025, the FS Group's Board of Directors announced leadership changes within its subsidiaries, selecting executives from within the organisation. Giampiero Strisciuglio, currently CEO of Rete Ferroviaria Italiana, will take over as CEO of Trenitalia, while the current CEO of Trenitalia will assume the role of CEO at FS International. Aldo Isi, presently CEO of Anas (also controlled by FS Group), will become CEO of RFI, with Claudio Arena Gemme stepping in to lead Anas. Italferr will also see a change in leadership, with the current RFI chairman, Dario Lo Bosco, taking over as CEO. Meanwhile, Sabrina De Filippis has been confirmed as CEO of Mercitalia Logistics.
These appointments come at a crucial time for FS Group, which is led by CEO Stefano Antonio Donnarumma, confirmed for the 2024-2026 term. The Group is implementing an ambitious strategic plan involving investments of €100 billion over the 2025-2029 period, with the aim of increasing revenues by 30% to €20 billion by 2029.
Meanwhile, the Italian Minister of Transport revisited the highly debated issue of FS Group's privatisation in an interview with Affaritaliani.it. He clarified that the initiative would focus on "enhancing" the company through "private sector involvement." In September 2024, the minister ruled out any privatisation plans, a stance echoed in December by CEO Donnarumma, who described the initiative as "a project based on the RAB logic," referring to the Regulated Asset Base model, designed to secure investment.
The RAB model is primarily applied to state and municipally controlled public utility sectors and has been used in Italy for companies such as Terna (electricity distribution). It establishes a certified baseline for assessing invested capital, ensuring a minimum company valuation and providing stable investment returns. While RAB does not necessarily imply changes in ownership, it is often used to attract private investment while maintaining public control.
In FS Group’s case, RAB could involve opening up capital to private investors while keeping the Group under state control, potentially through an infrastructure holding company. Under this framework, investors would be guaranteed returns via the RAB mechanism. However, this does not rule out privatisation, which entails a partial or complete transfer of ownership from public to private entities. Privatisation could still occur with or without a RAB structure, leading to potential changes in the company's ownership model.
