Commenting on his decision yesterday Mr Scaroni said: Only an opportunity of this scale

Commenting on his decision yesterday, Mr Scaroni said: “Only an opportunity of this scale would persuade me to relinquish my position as Pilkington group chief executive. I think this is a great opportunity.” Asked how he felt to be returning to his native Italy he said: “This is not necessarily a plus Of course, I’m Italian, it means more to me than others But the big thing is the challenge, not the geography I’ve enjoyed the last five years tremendously There’s always a little sorrow about change. But life is about change.”Sir Nigel Rudd, the chairman, said Pilkington had intended to reveal his succession plans in September. “Paolo was going to replace me as non-executive chairman and Stuart was going to be chief executive sometime next year. It’s a blow because it has come a year early and I can’t say I’m delighted about it.

But we were planning for it.”Separately, Pilkington said Warren Knowlton was leaving the group after this job as head of the group’s automotive division ceased to exist as a result of the latest restructuring. He was on a two-year contract and will receive a £1.8m pay-off.Mr Scaroni takes charge of Enel as the utility faces increased competition in its main business of generating and selling electricity. He replaces Franco Tato, 69, who became chief executive in 1996.Mr Scaroni’s record will be tough to match, analysts said. He has cut 10,000 jobs during his tenure as part of a massive restructuring designed to cut costs.Profits have grown but the shares have remained under pressure. News of Mr Scaroni’s departure was “a bit of a disaster” Mike Betts, an analyst at JP Morgan, said. “Although I’m sure Stuart will be able, we haven’t had that much exposure to him.”David Taylor, at Teather & Greenwood, said the news could “scarcely be viewed as positive since [Mr Scaroni's] contribution to turning Pilkington round has been immense.”After starting his career at consultancy McKinsey & Co, Mr Scaroni worked for 12 years at Saint-Gobain, Pilkington’s biggest rival, in Italy..

The chief executives from the UK’s four largest banks angrily hit back at charges of profiteering yesterday as they clashed with MPs in a grilling on the damning conclusions of the Competition Commission’s inquiry into small business banking. I don’t think I know what excess profits means,” Mr Barrett said.The executives argued that the commission had assessed their profitability not over the whole business cycle but at its peak, and had failed to find any evidence of collusive or abusive behaviour among them.However, Mr Barrett denied profits would slip now the economy was slowing. “There can be taller peaks,” he quipped.George Mudie, Labour MP for Leeds East, asked the chiefs of the so-called Big Four to “put their hands up” and admit that there was a case for “putting their house in order”.Mr Goodwin countered: “I’m entitled to [my] view. I have advanced it rationally.”John McFall, the chairman of the committee and Labour MP for Dumbarton, concluded that the executives had not budged “an inch” from their positions. “I would suggest to you gentleman that you do have a problem in terms of public perception,” he said.The clashes came as Which?, the Consumers Association magazine, stepped up its campaign against the Big Four. It is calling on them to end what it calls the “£500m rip-off” of their customers and has written to the four chief executives asking them to pay 2 per cent interest on current accounts and to cut overdraft rates to 10 per cent.

At the moment they normally pay 0.1 per cent and charge up to 18 per cent.A HSBC spokesman said: “We think consumers are more interested in making serious savings on their mortgage than small change on their current account.”Lloyds TSB said: “We believe customers choose current accounts for a variety of reasons and it’s down to individual choice.”Barclays claimed that its Open Plan all-in-one account for mortgages, deposit and current account offered savings of £600 a year.. If Vosper Thornycroft never signs another contract, existing orders will enable it to maintain revenues at their current level for the next four years. How many companies can say that in these opaque and nervous economic times?

If Vosper Thornycroft never signs another contract, existing orders will enable it to maintain revenues at their current level for the next four years. It has refashioned and modernised what is left of its shipbuilding interests while moving firmly into support services – originally running Ministry of Defence facilities but latterly moving out into civvy street.The retirement of its chief executive, Martin Jay, after 13 years is infused with symbolism. His final results yesterday showed support services now account for 60 per cent of sales. He is being replaced by Paul Lester, whose previous role as managing director of Balfour Beatty puts him firmly on the support services side of the business.