Telecom Italia’s (TI) largest shareholders have submitted candidates for the company’s new board, which will be announced shortly after a vote on 12 April.
Reports suggest that the investor group Telco, which owns 22.4% of TI, is seeking to appoint…
Telecom Italia’s (TI) largest shareholders have submitted candidates for the company’s new board, which will be announced shortly after a vote on 12 April.
Reports suggest that the investor group Telco, which owns 22.4% of TI, is seeking to appoint current chief executive Franco Bernabe as chairman to make way for a new CEO.
Telco, which is controlled by Spanish incumbent Telefonica and three other investment firms, wants to promote Marco Patuano, head of TI’s Italian business, to CEO to boost the company’s sluggish operations in Italy, reported Bloomberg citing sources.
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%.
TI declined to comment on the speculation, but both Bernabe and Patuano are included in a shortlist, published today, of 15 candidates recommended by Telco for TI’s new board.
Reports add that Luca Luciani, who manages the company’s Brazilian business, which is currently under investigation for fraud, is also set to be become Director General for all of Latin America under the changes.
