This appointment marked the beginning of his tenure at the organization, where he transitioned from an external consultant to the chief executive officer and a central architect of its financial operations.
Early Career and Financial Strategy
Born in 1944 in Chivilcoy, Magnetto pursued studies at the National University of La Plata, eventually earning a degree in accountancy with honors. Early in his tenure at Clarin, he implemented fiscal restructuring to address mounting debts. He advised the disposal of non-essential corporate assets, such as a company helicopter, to stabilize the balance sheet. His approach aligned with the Integration and Development Movement, which advocated for industrial investment and domestic manufacturing.
Twenty questions, eight minutes on the clock, and a percentile measured against everyone who has taken it. No sign-up.
Take the IQ test →The Papel Prensa Venture
Magnetto managed the establishment of the Papel Prensa newsprint manufacturing facility, which reached completion in 1978. By creating a domestic source for paper, he aimed to mitigate the expenses associated with importing materials. He held the position of CEO at Papel Prensa while maintaining his duties within the Clarin Group. His oversight of this facility remained a significant part of his professional history for several decades.
Legislative Protection and Market Expansion
During the economic downturn between 1999 and 2002, the Clarin Group faced significant losses. In 2003, the Argentine Congress passed legislation limiting foreign ownership of local media to 30%. This bill supported the group’s financial standing and protected its market position. By 2006, Magnetto directed the acquisition of Cablevision, integrating it with the existing Multicanal unit to consolidate the company's presence in the telecommunications and broadcasting sector.
Litigation and Public Scrutiny
In 2010, allegations arose regarding the forced sale of Papel Prensa shares during the 1970s. Lidia Papaleo, widow of former owner David Graiver, testified that she was coerced into selling her interests in the firm. Magnetto faced investigations concerning these transactions and money laundering allegations involving tax evasion. In 2016, legal proceedings resulted in a finding of innocence for Magnetto regarding the Papel Prensa case.
Fast facts
- Born: 1944, Chivilcoy, Argentina
- Education: National University of La Plata
- Professional Titles: Economist, Accountant, Certified Public Accountant
- Key Role: CEO, Clarin Group
- Papel Prensa Inauguration: 1978
- Major Acquisition: Cablevision, 2006
- Legal Outcome: Found innocent in 2016
Questions readers ask
What was Magnetto's role in the Clarín Group?
He served as chief executive officer and oversaw the financial restructuring and expansion of the organization.
Did Magnetto face legal challenges regarding his business dealings?
Yes, he was investigated for money laundering and allegations related to the sale of Papel Prensa shares, though he was found innocent in 2016.
Achievements
- Educated at National University of La Plata
