New Telecom Italia CEO Franco Bernabe did not sugar-coat the company's future outlook, saying, "There will be no miracles, no fireworks' to change the situation in the short-term." That situation is one in which Telecom Italia has been hit hard by competition and burdened with debt. Bernabe, who had led Telecom Italia during the 1990s, was brought back into the fold by Telecom Italia's new controlling shareholder, Spain's Telefonica. Bernabe is now launching a debt reduction program, which includes slashing the company's dividend to shareholders from 14 Euro cents to 8 Euro cents. He added that revenue will grow only one percent to two percent per year through 2010.
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