Incumbent Telecom Italia CEO Franco Bernabe has been given the additional role of chairman to help the group boost its sluggish domestic operations.
Marco Patuano, previously head of domestic operations, has joined the board as MD and COO, where he will…
Incumbent Telecom Italia CEO Franco Bernabe has been given the additional role of chairman to help the group boost its sluggish domestic operations.
Marco Patuano, previously head of domestic operations, has joined the board as MD and COO, where he will oversee its Italian market.
The partial board reshuffle also sees Aldo Minucci, who has been a director of TI since April 2007, appointed as deputy chairman, assisting Bernabe in the group’s internal control system.
In total, TI ratified the appointments of 15 board members yesterday, 12 of which were put forward by 22.4% shareholder Telco, an investment vehicle comprising Spanish incumbent Telefonica and Italian financial firms Mediobanca, Intesa Sanpaolo and Assicurazioni Generali.
Local asset management association Assogestioni suggested the other three.
Back in March, Telco reportedly decided on the changes to revive the group’s Italian operations, where revenue dropped 7.4% to E20bn last year, with mobile sales falling 11%.
Meanwhile, a slate of candidates put forward by Findim, an investment vehicle owned by the Fossati family, which owns 5% of TI, were not considered. This is because it voted against approving the operator’s 2010 results over concerns about Telco’s influence.
TI’s new board will hold their positions for three years until the approval of its financial statements at 31 December 2013.
