Telecom Italia’s (TI) largest shareholder, holding company Telco, has proposed ENI chairman Giuseppe Recchi as the Italian incumbent’s next chairman.
The board of Telefonica-controlled Telco met today and approved a list of candidates for TI’s new…
Telecom Italia’s (TI) largest shareholder, holding company Telco, has proposed ENI chairman Giuseppe Recchi as the Italian incumbent’s next chairman.
The board of Telefonica-controlled Telco met today and approved a list of candidates for TI’s new board ahead of the operator’s next shareholder meeting, scheduled for 16 April, where investors will elect directors and a chair. If the majority do not agree on a new chair, the board will choose its own.
Following chairman and CEO Franco Bernabe’s departure last October, TI split his responsibilities. Marco Patuano has since served as CEO, while Aldo Minucci is interim chairman.
Telco’s proposed chairman, Recchi, is a former entrepreneur and has chaired the board of Italian oil and gas multinational ENI since May 2011. However, his term is set to expire once the company’s financial statements for last year have been approved. Recchi is also a member of the Italian Corporate Governance Committee and on the boards and committees of numerous other organisations. He has held several managerial positions in Europe and the US for General Electric, most recently as president and CEO of GE South Europe.
ENI has declined to comment on the matter.
Previous candidates touted to head up the board include Massimo Tononi, chairman of the Italian stock exchange; Terna CEO Flavio Cattaneo; English baroness Denise Kingsmill; and Assicurazioni Generali chairman Gabriele Galateri di Genola. Kingsmill and Cattaneo were both nominated as directors by Telco, alongside 10 others.
Telco holds 22.4% of TI. Generali, Intesa Sanpaolo and Mediobanca are also investors in the holdco.
