Telecom Italia negotiating terms of CEO Patuano's resignation

21 March 2016 |

Telecom Italia is holding negotiations with its CEO Marco Patuano on the terms of his resignation.

According to the operator, negotiations are ongoing and aimed at the “consensual suspension of the offices held by the CEO within the group”.

"At present no communication about resignation or surrender of the office has been presented," said Telecom Italia.

The announcement comes after Vivendi’s increasing grip on the operator in recent months. Vivendi has steadily raised its stake over the last several months to 24.9%, just under the mandatory takeover for Telecom Italia.

Telecom Italia chairman Giuseppe Recchi will take over Patuano’s responsibilities in the meantime. 

Flavio Cattaneo, CEO of train operator Nuovo Trasporto Viaggiatori and Luigi Gubitosi, former CEO of Wind Telecomunicazioni, are reportedly being considered as replacements.