Telecom Italia says CEO to depart with EUR 6 mln pay-off

News General Italy 22 MAR 2016
Telecom Italia says CEO to depart with EUR 6 mln pay-off
Telecom Italia said its board of directors accepted the resignation of chief executive Marco Patuano, who will leave the company with immediate effect. Patuano will receive severance payments totaling EUR 6 million, the company said in a statement. No reason was given for the departure, but according to media reports Patuano has clashed with major shareholder Vivendi on strategy, notably over the future of the company's Brazilian activities. 

Among names reported as likely successors are Flavio Cattaneo, CEO of high-speed train operator Nuovo Trasporto Viaggiatori,and former Wind CEO Luigi Gubitosi. Chairman Giuseppe Recchi will be acting CEO until Patuano's replacement is appointed, Telecom Italia said.


 

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