Corrado Passera Biography
Corrado Passera (born 30 December 1954) is an Italian manager and banker who has held numerous executive-level positions in various industrial and financial sectors and served as minister of economic development and infrastructure and transport in the Mario Monti Cabinet.
BiographyCorrado Passera was born in Como on 30 December 1954.
He graduated from Bocconi University and from the Wharton School of the University of Pennsylvania in 1980 with a Master in Business Administration. He refers to his time at Wharton as one of the most formative periods in his life.
= Professional careerHe began his professional career in 1980 at McKinsey where he remained for five years. Shortly thereafter, he embarked on a long working relationship with the Carlo De Benedetti Group, initially at Cir, the group's holding company where he served as general manager until 1990. In 1991, he became general manager of Arnoldo Mondadori Editore and, subsequently, of Gruppo Editoriale L'Espresso. Continuing his working relationship with the Cir Group, Passera served as co-managing director of the Olivetti Group from September 1992 to July 1996, a period when the IT company expanded into telecommunications with the creation of Omnitel and Infostrada.
In 1996, he was appointed managing director and general manager of Banco Ambrosiano Veneto, where he carried out the first major banking consolidation deal with Cariplo, one of Italy's most important banks.
In 1998, he received a political appointment to become the managing director of the Italian postal system, Poste Italiane. Under his direction, Poste Italiane was restructured and relaunched, with a strong rebound in efficiency, new business models, and the entry into financial services through the creation of BancoPosta. In 2002, the company recorded its first operating profit.During the same year, Passera left his position at Poste Italiane as he was called to cover the role of managing director at Banca Intesa. In his new position, he drew up a business plan that included key strategic objectives such as the recovery of efficiency, the reorganisation of the business, cost reduction, the restructuring of products and the revival of the bank's image. When this process was completed in 2005, Banca Intesa was one of Italy's most profitable banks and was viewed in the international markets as one of the most significant examples of business turnarounds in the financial services industry.In 2006, Passera was one of the main proponents who helped to carve out a process that ultimately led to the merger of Banca Intesa and Sanpaolo IMI, and the ensuing creation of Intesa Sanpaolo. Intesa Sanpaolo is Italy's leading banking group, partly due to an unparalleled distribution network, with a strong international presence concentrated in Central-Eastern Europe and the Mediterranean basin.Passera is member of the Board of Directors of Bocconi University and Fondazione Teatro alla Scala. He is a Director and Member of the Executive Committee of the Italian Banking Association and a member of the International Advisory Board of The Wharton School. He also is a member of the Board of Governors of the Cini Foundation in Venice and of the Geneva World Economic Forum's International Business Council.
On 16 November 2011, Passera left his position as Intesa Sanpaolo Group's Managing Director and CEO to serve as minister of economic development, infrastructure and transport. His term as minister ended on 28 April 2013 and Maurizio Lupi succeeded him in the post.