Telecom Italia CEO resigns

Franco Bernabè has resigned from his position as CEO of Telecom Italia following a board meeting yesterday (October 3).

Bernabè, also chairman of the board, clashed with directors over the company’s strategic decisions at the meeting, held in Milan, Italy, Bloomberg reports.

Marco Patuano, existing COO at Telecom Italia, will take up the position of CEO and managing director at the Italian company, and Aldo Minucci, deputy chairman, will run the board until a replacement chairman is identified.

Patuano will head up discussions with Telecom Italia’s largest shareholder, Telefónica, over a strategy in Brazil, as well as looking at plans for debt reduction.

Earlier this month Telecom Italia and Telefónica were close to agreeing a deal which would see the Spanish operator acquire a larger stake in Telecom Italia.

After the meeting yesterday, which lasted nearly five-hours, Gaetano Micciche, director at Telecom Italia, said: “Telecom Italia has strong potential. I am confident that the management is able to develop it.”

In a statement issued by the company, no reason was given for Bernabè’s exit.