News
Italian telco’s board grants former CEO Marco Patuano a 6 million payoff.
Telecom Italia on Tuesday revealed that company executive chairman Giuseppe Recchi has taken on the CEO role on an interim basis.
The news comes a day after the Italian incumbent announced the resignation of former chief executive Marco Patuano, who may or may not have been effectively pushed out by largest shareholder Vivendi.
Patuano will leave the company with a payoff of €6 million, Telecom Italia said.
"The Telecom Italia board thanks Marco Patuano for his commitment, dedication and contribution in terms of creating value during his tenure as CEO of the group and, more generally, over his 25 years of employment with the group and wishes him all the best for his future professional engagements," the telco said.
That board includes four members appointed by Vivendi, including CEO Arnaud de Puyfontaine, chief operating officer Stéphane Roussel, and CFO Hervé Philippe.
The French firm, which increased its stake in Telecom Italia to 24.9% – just shy of the 25% mandatory takeover threshold – earlier this month, is reportedly keen to push the transformation of the Italian telco into a Southern European-focused media outfit. It is also backing an exit from Brazil, where Telecom Italia owns a majority stake in TIM, the market’s only major mobile player without a significant fixed-line business.
As a result, Patuano’s leadership came under scrutiny and a few weeks ago Bloomberg claimed that de Puyfontaine had met with potential candidates to replace him should he fail to steer Telecom Italia in the direction his company favours.
Neither Vivendi nor Telecom Italia has given any indication as to who might become the new chief executive, nor when an announcement could be made.
"Giuseppe Recchi…will lead the group until the appointment of the new chief executive officer," Telecom Italia simply said on Tuesday.
