DEFINITION of 'Vittorio Mincato'

Vittorio Mincato is a former chief operating officer (CEO) of Eni, an Italian oil and gas company. During his tenure as CEO from 1998 to 2005, he moved the company forward, overseeing its first acquisitions of foreign companies (Britain-based Borneo and Lasmo) and helping it to become the one of the world's largest oil corporations.

BREAKING DOWN 'Vittorio Mincato'

Vittorio Mincato was born in 1936 in Torrebelvicino, Italy. An accountant by training, he spent his entire professional career at Eni, joining the firm in 1957.

For 20 years, Mincato worked for Lanerossi, Eni's textile division, eventually rising to the position of director of administration and finance. He returned to the parent company in 1977 to serve as director of administration; from 1984 until 1988 he served as assistant to the chairman. Mincato moved to the post of director of human resources in 1989, then from 1990 to 1993 served as the chairman and CEO of Eni's textile-machinery company Savio; at the same time he served as the chairman of Enichem Agricoltura, Eni's fertilizer subsidiary. Mincato helped to privatize both Savio and Enichem Agricoltura. From 1993 to 1995 he held the position of deputy chairman and CEO of Enichem, Eni's petrochemical subsidiary. He then ascended to the chairmanship of Enichem, where he focused on restructuring and privatization for the next three years, until he was tapped to become CEO of Eni itself in late 1998.

Accomplishments as CEO

Mincato took over at a particularly difficult time for the company: International oil prices were low, and the looming deregulation of the Italian gas market, which Eni had monopolized for years, further threatened profits. And at first, times were difficult for him too: He survived power struggles with Eni board chairman Renato Ruggiero and with the Italian government itself (which owned 35% of the company).
Mincato's plans for the company included international expansion and a globalization of its culture. To that end, he purchased the relatively small British companies Borneo and Lasmo; he also installed an Irishman to head Saipem, Eni's oil-services subsidiary. He also bought reserves around the world, including in Iran and Russia.
In addition, he focused on core operations and divested non-core businesses. By the time he retired in 2005, succeeded by Paolo Scaroni, Eni had a presence in 77 countries, and its activities include oil and gas exploration, production, transportation, transformation and marketing; petrochemicals; oilfield services construction; and engineering.
Mincato was awarded an honorary degree by the Milan Polytechnic Institute in 2003.

Life after Eni

Mincato became a member of several boards of directors after 2005, including those of Fiat, the Fonazione Teatro alla Scala, and the Accademia Nazionale di Santa Cecilia. He joined the Italian Council for Economy and Labor, and vice chairman of the Unione Industriali Roma.
  1. Oil Reserves

    Oil reserves are an estimate of the amount of crude oil located ...
  2. Peter R. Dolan

    Peter. R. Dolan is Chairman of the Board of Allied Minds, Inc. ...
  3. Integrated Oil & Gas Company

    An integrated oil and gas company is a business entity that engages ...
  4. John T. Dillon

    John T. Dillon is a senior managing director with Evercore Inc. ...
  5. Douglas R. Conant

    Douglas Conant is the former president and CEO of Campbell Soup ...
  6. Michael Bloomberg

    Michael Bloomberg is one of the wealthiest people in the world ...
Related Articles
  1. Investing

    Exxon Said to Buy Stake in Major Gas Field (XOM)

    Exxon is said to agree to buy a stake in Eni's Mozambique Area 4, seen as one of the world’s largest liquefied natural gas projects.
  2. Investing

    Exxon Mobil Stock: Analyzing 5 Key Customers (XOM)

    Learn more about Exxon Mobil's five key customers, including Total SA, one of the largest oil companies, to understand the company’s impact around the world.
  3. Investing

    The Top 3 ETFs For Investing in Italy

    Find out about some of the exchange-traded funds that investors can utilize when they want to obtain exposure to the Italian equities market.
  4. Investing

    Projected Gas Prices for 2016

    Learn what major authorities on gas prices are predicting for 2016, and about the different factors that can impact the price of gas.
  5. Investing

    5 Reasons Why Private Equity Investors Like Oil and Gas Companies

    Oil and gas companies may look like a risky industry on the outside, but private equity investors have found reasons to regularly invest in these firms.
  6. Personal Finance

    A Day In The Life Of A CFO

    What would your life look like if you were CFO? We’ve interviewed three chief financial officers to find out.
  7. Investing

    Exxon Sells Nigerian Downstream Assets (XOM)

    In three moves this week, Exxon Mobil focused its sub-Saharan African operations on finding and extracting oil and gas, while limiting downstream exposure.
  8. Investing

    26 Goldman Sachs Alumni Who Run the World

    How Goldman Sachs alumni run the the world.
  9. Investing

    What's the Salary of the Chairman of the Federal Reserve?

    The chairman of the Federal Reserve oversees the U.S. banking system.
  1. What are average operating expenses for the oil and gas sector?

    Learn about the average operating expenses and average operating expenses margin for the oil and gas sector and how they ... Read Answer >>
  2. How does the price of oil affect Russia's economy?

    Discover how the price of oil affects the Russian economy. As a net exporter of oil, Russia depends on robust oil prices ... Read Answer >>
Trading Center