Portugal Telecom CEO steps down

08 August 2014 |


Henrique Granadeiro has resigned from his position as CEO at Portugal Telecom, following a bad debt deal.

Portugal Telecom cut its share in a merger with Brazil’s Oi – recently approved by the Brazilian government – after a deal with Portugal’s crumbling Espirito Santo bank to reduce its debt fell through, and Granadeiro has now left the company.

The Portuguese telco said it never received payment from the holding company of Espirito Santo, Rioforte, to help pay off its €900 million in debt – which it initially failed to mention to Oi.

Portugal Telecom also contacted PWC to audit all investment in its Espirito Santo Group debt.

In a letter to the Portuguese media, 70-year old Granadeiro said he was “sure the independent audit will show that I always acted in the interest of PT, its employees and its shareholders”.

Granadeiro was appointed CEO of Portugal Telecom in June 2013, when his predecessor Zeinal Bava left the role to join Oi.

Portugal Telecom did not announce a replacement for Granadeiro – who will also resign from his position as chairman of the board – but a shareholder meeting will be held on September 8 to discuss its next steps.