In 1996, Mr Caputi decided to sell his share in Proger Spa to undertake a new challenge: “the return to profitability” of the Stazione Termini, Rome’s central Railway Station. In June 1996 he was appointed, by Ferrovie dello Stato (Italian State Railways), CEO of Termini Spa, a special purpose vehicle. The vehicle was then transformed into “Grandi Stazioni”, a company in which Mr Caputi held the same role until 2002. The Termini station pilot project started with the implementation of major refurbishment works and of an ambitious retail development plan. The 2000 Jubilee was fast approaching and Mr Caputi managed, in just 11 months, to complete the project, making the station attractive and functional as well as transforming it into one of the most innovative shopping centres in Europe through the “Forum Termini” area. Attending the opening enthusiastically were the then President of the Italian Republic, Carlo Azeglio Ciampi, the Mayor of Rome, Francesco Rutelli, and the Prime Minister, Massimo D'Alema.


In 2001 with profits and revenues growing at double-digit rate, Mr Caputi completed the privatisation process of Grandi Stazioni Spa. The sale of 40% of the equity of the company to a group of new Italian and foreign shareholders brought proceeds equal to 280 million Euros for the Italian State shareholder. The new resources offered the opportunity to expand the number of projects, obtaining approval for the renovation and development of 13 major Italian and international stations, confirmed by winning the tender for the redevelopment and management of Prague station and some of the most important stations in Bohemia.