Francesco Merloni: From CEO to Convicted Criminal

Early Life and Career

Francesco Merloni was born in Fabriano, Italy, in 1955. He joined the family business, Indesit Company, in 1975 and became CEO in 1984. Under his leadership, Indesit grew into a global appliance manufacturer.

Controversies and Legal Issues

In 2005, Merloni was indicted on charges of false accounting and market manipulation. He was convicted in 2013 and sentenced to 18 months in prison. The charges stemmed from his alleged involvement in a scheme to inflate Indesit's stock price.

Role in the Merloni Family

Merloni is a member of the prominent Merloni family, which founded and controlled Indesit. His father, Vittorio Merloni, was the company's founder and patriarch. His brother, Antonio Merloni, succeeded him as CEO.

Imprisonment and Release

Merloni served his sentence in the Ancona prison in Italy. He was released in 2015 and has since retired from the appliance industry.

Impact on Indesit Company

Merloni's conviction and imprisonment damaged Indesit's reputation and led to a decline in its stock price. The company was acquired by Whirlpool Corporation in 2014.

Francesco Merloni: A Legacy of Fraud and Controversy

Francesco Merloni's story is a cautionary tale about the dangers of corporate greed and the long-term consequences of criminal behavior. His conviction and imprisonment served as a warning to other business leaders and highlighted the importance of ethical conduct in the corporate world.