In a shareholders meeting earlier today, Elliot Fund have confirmed the sacking of Marco Fassone and have appointed Paolo Scaroni as the new interim club president. And Aquestion that springs to everyone's mind is a pretty obvious one- Who is Scaroni.Born in Vincenzo in 1946, Scaroni graduated from the Bocconi University of Milan in the field of economics and four years later, Scaroni obtained a MBA from Colombia Business School.After obtained the MBA from Colombia Business School, Scaroni became an associate at McKinsey and Company before joining Saint Gobain in 1973. Five years later, Scaroni was appointed the head of the glass division at Saint Gobain itself.In 1985, he was appointed the CEO of Techint, which is one of Italy's biggest construction and mining conglomerates currently. After moving to England in 1996, Scaroni became the CEO of Pilkington and in 1997, he was also appointed as the president of Italian club Vincenza- his hometown club.He was the Vincenzo President till 1999 and in 2002, Scaroni left Pilkington to become the CEO of Enel, which is Italy's biggest electrical company.Since 2014, Scaroni has been a director of multiple companies and is a vice-president at Rothschild Investment Bank and he was appointed the rossoneri director back in April last year. But this is Scaroni's first presidential job in football since he took over Vincenza in 1997.Kaustubh Pandey(@Kaus_Pandey17)<doc-sep>The American hedge fund elected a new board to lead the club into a new era after they completed their takeover AC Milan have announced the appointment of Paolo Scaroni as chairman as the club heralded the "dawn of a new era" under new owners Elliott Management. The American investment company completed a takeover of the club after former owner Li Yonghong failed to repay a €32 million (£28m/$38m) debt. And the transition was completed on Saturday when a new board was elected at a shareholders' meeting in Milan. Marco Fassone has left his role as CEO, with Scaroni taking over as chairman and interim chief executive, while Marco Patuano, Franck Tuil, Giorgio Furlani, Stefano Cocirio, Salvatore Cerchione, Alfredo Craca and Gianluca D'Avanzo also join the board. Milan were suspended from the Europa League for this season after failing to comply with UEFA Financial Fair Play rules, but were reinstated after the Court of Arbitration for Sport (CAS) overturned the decision . The change in ownership played a decisive role in CAS's decision as Elliott promised to invest €50m into the Serie A side and have targeted a return to the Champions League. And the new chairman promised the Rossoneri would see progress. "I am humbled by the opportunity to lead AC Milan's board of directors, and grateful for the trust and support of my fellow board members," Scaroni, a former CEO of Italian energy company Eni and glass manufacturer Pilkington in London, said. "This is a critical moment in the club's storied history, and we're all grateful to have a new owner committed to returning AC Milan to its former glory. At the board level, we will do everything possible to put the coach and the players in a position to succeed. There is considerable hard work ahead, and we are eager to build upon today's momentum." Before the change, ousted president Li Yonghong hit back at the new owners after the hedge fund repossessed the holding company he used to buy Milan in 2017. "First of all, I would like to clarify the following. My purchase of Milan was neither a rash decision or one dictated by a passing infatuation," he wrote in a letter addressed to fans published in Il Sole 24 . "It stemmed from my passion for the team and belief in the economic potential of an investment in one of the noblest football teams in the world. "Until June 30, 2018, I had paid almost €880m for AC Milan, of which only €280m was funded through Elliott, while I personally provided the remaining part. "I was convinced that Elliott was a trustworthy investor and, above all, a partner to share the duties and honours of a stimulating adventure like the ownership of a team who, throughout their glorious history, have won, among other trophies, seven Champions Leagues and 18 Serie A titles. "I made a mistake and only discovered it to my great detriment during my tenure. Elliott showed itself from the start to not be the partner I imagined but rather a lender totally disinterested in the complex management of a club of Milan’s standing, despite its control of the team’s board. "All this happened despite repeated declarations from the fund regarding its alleged support for the club. Article continues below "During my time as president, I would like to remind all of you that I have never failed in my commitments and for this, I have proof of over €200m invested by me in the team under my ownership. "I am ready to fight and I will do it to safeguard my rights and give assurances to the AC Milan shareholders, whom my beloved club deserve. "Any deliberate and intentional manoeuvres to reduce the value of AC Milan will be prosecuted by law. Thank you for your hospitality and attention."<doc-sep>New AC Milan President Paolo Scaroni has reacted to him being appointed the new interim president at the club.A shareholders meeting involving the Elliot Fund and some other members was held on Saturday and it was decided that Paolo Scaroni will be the club's interim President.To conclude the shareholders' meeting, Scaroni expressed pleasure at being appointed the new president of the San Siro based side.He said: "Just a few words to thank you for coming on this stormy Saturday morning. For me it's a great honor and it was a great honor for Roberto Cappelli,. For me, I've always been a Milanese, it's a great honor, I'm happy to be here and I declare the assembly ended. "<doc-sep>
AC Milan have announced that CEO of Italian oil group Eni, Paolo Scaroni, will be executive chairman and will take on interim management of the club as it changes ownership from Li Yonghong to Elliott Management. Milan: AC Milan announced on Saturday that a former oil company boss had been put in charge of the Italian football club while it searched for a new chief executive, after US fund Elliott took control. AC Milan said Paolo Scaroni, the longtime CEO of Italian oil group Eni and now deputy chairman of investment bank Rothschild, had been named as executive chairman and would take on interim management of the club. His appointment was announced as the club named a new board. CEO Marco Fassone, who was hired last year by the club’s former Chinese owners, has stepped down with immediate effect. Elliott took over the indebted soccer club after Yonghong Li, who last year had bought AC Milan from former Italian Prime Minister Silvio Berlusconi, failed to honour a repayment that was due to the US fund. AC Milan said the board would meet again shortly to discuss a new business plan and define a strategy to regain Champions League status. The loss-making club is second only to Real Madrid in the list of winners of Europe’s top club competition, but it has failed to win any major silverware since 2011. Elliott has committed to a 50 million euro ($59 million) capital injection, prompting the Court of Arbitration for Sport on Friday to overturn a decision by European soccer body UEFA to ban AC Milan from the next Europa League competition due to its poor finances. “This is a critical moment in the club’s storied history, and we’re all grateful to have a new owner committed to return AC Milan to its former glory,” Scaroni said in the statement.