Telecom Italia Confirms CEO to Quit
March 21 2016 - 4:17AM
Dow Jones News
By Giovanni Legorano
MILAN-- Telecom Italia SpA is set to part company with Chief
Executive Marco Patuano after clashes over strategy with other
directors at the telecom operator in which France's Vivendi SA took
a near 25% stake last year.
Telecom Italia confirmed on Monday that it is in advanced talks
with Mr. Patuano over the terms of his departure after reports at
the weekend that he was about to quit.
The boardroom bust-up follows the appointment of four Vivendi
directors to Telecom Italia's board in December who wanted the
operator to be more aggressive about cutting costs, according to a
person familiar with the matter.
Telecom Italia Chairman Giuseppe Recchi to is set take over his
role on an interim basis, the person familiar with the matter said
on Saturday. Mr. Patuano's formal resignation is expected this
week.
Vivendi, the owner of music company Universal Music and French
pay-TV company Canal Plus, also expected Telecom Italia to address
the future of its Brazil unit, people familiar with the matter had
previously said.
Write to Giovanni Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
March 21, 2016 04:02 ET (08:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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