Telecom Italia (NYSE: TI) is making some changes to the telco's top management team, a process that will promote current CEO Franco Bernabe to the executive chairman role at the end of his term in April, while Marco Patuano will become the new CEO tasked with increasing the profitability of its Italian operations.
These latest moves come right before Telecom Italia's shareholders meeting that will be held on April 12. During this meeting, the telco's controlling shareholders will appoint its new board and management team.
In addition to Patuano, who currently oversees Telecom Italia's domestic operations, the shareholders have appointed Luca Luciani, TIM Brasil's CEO, will now run Telecom Italia's Latin American unit as Chief Operating Officer. Both Patuano and Luciani will report to Bernabe.
Since becoming Telecom Italia's CEO in December 2007, Bernabe has had a mixed response from investors and shareholders. While investors liked his debt reduction and Latin American growth strategy, a number of Telecom Italia shareholders feel like he had not paid enough attention into the Italian domestic market where it is facing a host of new competitors like Fastweb and Vodafone Italy.
For more:
- the Wall Street Journal has this article
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