Vincenzo Maranghi was an Italian magnate, private banker and the CEO of Mediobanca.
Early Life
Maranghi graduated high school from The Institute of the Piarists Fathers in Florence, later enrolling in the Faculty of Law at his local university. Maranghi eventually moved to Milan, where he enrolled at the Catholic University of The Sacred Heart and continued to study Law while also working part-time as a journalist at the prestigious Il Sole newspaper. When Maranghi graduated Law school, he designed the financial magazine "Quattrosoldi", aimed at providing economic advice for and making finance more accessible to the average Italian, he founded the publication alongside Italian media executive and print-media magnate Gianni Mazzocchi. Early in his career as a journalist, Maranghi married Anna Castellini Baldissera, a member of the influential Italian nobleCastellini Baldissera family, who had made a fortune in banking and textiles. After his brief profession as a journalist, Maranghi was placed in charge of restructuring and managing the "Centre for Economic Studies of Alta Italia"; around this time he also worked in the offices of Remo Malinverni, who was the General Director of the ORGA business consultancy institute, a well regarded Italian financial think-tank.
Personal Life
Maranghi was famous for his immense discretion regarding his private life, however, it was well known that he was friends with the media mogul Rupert Murdoch, the U.S. Secretary of The TreasuryHank Paulson, the Italian industrialist Gianni Agnelli and the U.S. President George H.W. Bush. Maranghi was also an avid fisherman, shooter and photographer, a publication of his photographs was produced for his close friends and family.
Mediobanca
Maranghi's career as a banker began when he was offered a job at Mediobanca where he worked in the offices of Enrico Cuccia, largely considered to be one of the most influential financiers in world at the time, through his dealings with Fiat and a plethora of Italy's largest businesses. Throughout his time at Mediobanca Maranghi was generally considered Cuccia's most direct confidant. Maranghi began as a manager in the Research and Analysis Office later moving on to Investments and Special Affairs. Maranghi was promoted to central co-director in 1975, eventually becoming the central director for all of Mediobanca's operations two years later, a role which undertook the daily running and functions of the financial firm. In 1982, after Enrico Cuccia's resignation, Maranghi was appointed Director of the Board alongside his other close collaborator Silvio Salteri who later took over general management at Mediobanca. Maranghi later took over Silvio Salteri's role as general manager and managing director in October of that same year, solidifying his place as the heir or "Dauphin" of Mediobanca. During his years of directing the bank, Vincenzo Maranghi began a number of initiatives to secure the firms independence and assure its upward mobility, he is largely accredited with being responsible for much of the growth and development that Mediobanca's business consultancy arm, capital markets and investment portfolios have experienced in recent years, his development of financial strategies and infrastructure within the company created revenues which amount to billions of US dollars. When Cuccia died on June 23, 2000, Maranghi took his place as CEO. Maranghi's succession had long been an accepted fact, he was often referred to in the Italian media and private circles as "Cuccia's Dauphin" or prince, his succession was further secured by the expulsion of younger bankers such as Gerardo Braggiotti and Matteo Arpe who had conspired to take the position for themselves - Arpe ended up at Lazard, and Braggiotti went on to work at Banca di Roma. Maranghi held his office until April 13, 2003 when he resigned, following a long financial battle because a "conspiracy... exploded inside the board of directors" which led to a new syndicate agreement and bank governance structures. When resigning Maranghi made sure that Mediobanca maintained independence by renouncing any personal benefits that were not already foreseen by his ordinary employment contract so he could require that the management role be passed on to his direct collaborators, Alberto Nagel and Renato Pagliaro.
Death
Vincenzo Maranghi died of a grave illness in Milan on July 17, 2007, he had been diagnosed many years earlier and was known for his humour when dealing with the realities of his ailment.
