Telecom Italia’s (TI) largest shareholders have reportedly agreed to appoint current chief executive Franco Bernabe as chairman to make way for a new CEO.
Marco Patuano, head of TI’s Italian business, is set to be promoted to CEO to boost the company’s…
Telecom Italia’s (TI) largest shareholders have reportedly agreed to appoint current chief executive Franco Bernabe as chairman to make way for a new CEO.
Marco Patuano, head of TI’s Italian business, is set to be promoted to CEO to boost the company’s sluggish operations in Italy, reported Bloomberg citing sources.
Luca Luciani, who manages the company’s Brazilian business, will also become Director General for all of Latin America under the recommended changes, the report adds.
TI’s board is up for renewal next month, and shareholders are reportedly eager for the group to revive growth in its domestic market, where revenue dropped 7.4% to E20bn last year, with mobile sales falling 11%.
According to reports, shareholders with at least 1% of TI’s common stock have until tomorrow to present candidates for its board.
These investors include 22.4% shareholder Telco, which is owned by Spanish incumbent Telefonica and investment firms Mediobanca, Intesa Sanpaolo and Assicurazioni Generali.
Telecom Italia was unable to comment before the press deadline.
