Tenaris CEO and Chairman Paolo Rocca is acquitted in Argentina
In August 2021, Tenaris SA CEO Paolo Rocca was acquitted in Argentina. The billionaire was charged in the massive “Notebook Scandal” that evidenced widespread bribery and graft in Argentina. As the majority shareholder and CEO of Tenaris, the company’s stock fell significantly in the wake of his indictment. Stock prices recovered since the 2018 scandal and neared 2017 highs in early 2022. Prosecutors did not appeal the decision, indicating an end to the three-year saga. Rocca remains CEO and Chairman of Tenaris SA.
COVID|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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