Telecom Italia’s Patuano resigns

Marco Patuano

Telecom Italia has confirmed the resignation of its CEO Marco Patuano. The news follows a previous announcment that the operator was negotiating Patuano’s terms of departure.

According to various press reports, Patuano will receive a severance package to the tune of €7 million.

Telecom Italia said that, as Patuano holds about 70,000 ordinary shares in the company as well as 30,000 savings shares, he qualifies as an independent non-executive director.

Telecom Italia’s largest shareholder, Vivendi, which has a 24.9% stake in the operator, is likely to have a significant influence in determining who will step into the departed CEO’s shoes.

Flavio Cattaneo, currently CEO of railways firm NTV and a former chief of public broadcaster Rai, has been named in the press as a potential candidate, while other reported possible candidates include former Rai director-general Luigi Gubitoso, Wind chief executive Maximo Ibarra and Telecom Italia’s former chief financial officer Andrea Mangoni.