Telecom Italia CEO Quits as Expected
March 21 2016 - 10:17AM
Dow Jones News
By Giada Zampano
ROME--Telecom Italia SpA's Chief Executive Marco Patuano
announced his resignation as expected on Monday, after clashes over
strategy with Vivendi SA, the French media and entertainment
company, which has taken a near 25% stake in the Italian
operator.
Telecom Italia confirmed in a brief statement that Mr. Patuano,
51, has handed in his resignation, adding that his exit is now
subject to the approval of the company's competent bodies.
The telecom operator had said earlier Monday that it was in
advanced talks with Mr. Patuano over the terms of his departure,
confirming reports over the weekend that the top manager was about
to quit. He has been with the company for 25 years and has been
chief executive since November 2013.
The boardroom bust-up follows Vivendi's growing influence at
Telecom Italia. Shareholders in the former Italian telecom monopoly
approved the appointment of four Vivendi directors last December
after the French company acquired around a fifth of the Italian
firm's stock.
Write to Giada Zampano at giada.zampano@wsj.com
(END) Dow Jones Newswires
March 21, 2016 10:02 ET (14:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
TELECOM ITALIA SPA CL A (NYSE:TIA)
Historical Stock Chart
From Jun 2024 to Jul 2024
TELECOM ITALIA SPA CL A (NYSE:TIA)
Historical Stock Chart
From Jul 2023 to Jul 2024