Telecom Italia SpA (TI) Thursday said Chief Executive Franco
Bernabe has resigned, without giving a reason, and Mr. Bernabe
didn't comment on his way out of a board meeting in Milan.
The company's board of directors is meeting now, chaired by
Deputy Chairman Aldo Minucci, Telecom Italia said in a statement,
adding that it will issue another statement at its conclusion.
Citing people familiar with the matter, The Wall Street Journal
reported Tuesday that Mr. Bernabe--who has led the company since
the end of 2007--was likely to resign at Thursday's board
meeting.
Last week, Telefonica said it planned to raise its stake in
Telco, the holding company that is the largest shareholder in
Telecom Italia, to 70% from 46% over the next few months. Telco
owns 22.4% of Telecom Italia.
Write to Liam Moloney at liam.moloney@wsj.com and Manuela Mesco
at manuela.mesco@wsj.com
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