News
Marco Patuano out the door following alleged pressure from Vivendi.
As expected, Telecom Italia on Monday confirmed the resignation of chief executive Marco Patuano.
The announcement was made after the Italian incumbent revealed at the request of stock market regulator Consob that it was negotiating the terms of Patuano’s departure.
"Telecom Italia announces that chief executive officer Marco Patuano today handed in his resignation, which will become effective subject to the relevant corporate bodies’ approval of the pertaining terms and condition," said the operator, in a brief statement.
Doubts over Patuano’s tenure emerged following press reports claiming that Vivendi – Telecom Italia’s biggest single shareholder – is concerned about the company’s strategy.
According to a recent Bloomberg report, Vivendi CEO Arnaud de Puyfontaine met with potential replacements for Patuano in the event he did not steer Telecom Italia in Vivendi’s preferred direction.
Vivendi reportedly wants Telecom Italia to evolve into a Southern European-focused media company. It is also said to be pushing for Telecom Italia to sell its Brazilian arm, TIM Brasil.
The French conglomerate recently increased its Telecom Italia stake to 24.9%, just below the 25% mandatory takeover threshold.
