Billionaire businessman Paolo Rocca is set to resign from his position as CEO of Tenaris SA, the Techint Group entity focused on the production of steel pipes for the oil sector. The company has announced that the Italo-Argentine billionaire will be succeeded by the current chief operating officer Gabriel Podskubka, marking the group’s most substantial leadership transition in decades. Rocca will persist in pivotal positions within the organization, retaining the presidency of the Techint Group and the chairmanship of Tenaris, thus ensuring his influence over strategic decisions remains intact. Podskubka has held the position of chief operating officer at Tenaris since 2023, overseeing sales and market strategies, supply chain and production operations, as well as product and service development, according to a company statement. He became a part of Tenaris in Argentina in 1995.
Rocca has held the position of CEO since 2002, coinciding with the year the company made its public debut in Milan. Tenaris’ shares have experienced an increase exceeding 1,000 percent since that time, resulting in a market capitalisation of approximately US$32 billion for the company. He serves as the chairman of the steel manufacturing company Ternium. According to Tenaris, Rocca “has been the architect of the continuous growth of the company over the past 25 years, during which he has reinforced the solid industrial values which are the foundation of its success.” The decision signifies the conclusion of a significant chapter in the leadership of Tenaris, a company under the control of the Argentine holding entity Techint, established by Agostino Rocca, the grandfather of the current leader, Rocca.
The Rocca family wealth is estimated at $23.4 billion, according to Billionaire Index. The choice to resign follows several months of friction between Rocca and President Javier Milei concerning a contract associated with the energy sector. An international company succeeded with a bid that undercut Tenaris, leading to governmental criticism directed at the industrial group. The dispute intensified following public comments made by the President on March 10, wherein he criticized business leaders within the sector – including Rocca – during a prominent speech in New York at the commencement of the Argentina Week investment roadshow. “We have individuals with nefarious intentions, yet they exhibit a remarkable level of creativity in their wrongful endeavors.”
In recent weeks, it has been evident that I have engaged in open confrontations with Paolo Rocca, Javier Madanes Quintanilla, the owner of a tire manufacturer, and representatives from the textile sector. However, the lack of identifiable figures in these disputes prevents me from addressing them directly. What I can assert is that the other two are entrepreneurs benefiting from public funds. “Rocca and Madanes, in collusion with thieving politicians, attacked many Argentines, but that’s over. Corrupt politics is over. Who is in favour of corruption? It’s uncomfortable to ask these questions, but I’m willing to do so for a better Argentina.”