Telecom Italia to Shuffle Key Roles
Telecom Italia SpA’s controlling shareholders have agreed to a reshuffle at the helm of Italy’s largest phone operator that will see Chief Executive Franco Bernabe moving to the role of executive chairman at the end of his mandate, with a new chief executive, Marco Patuano, to focus on turning around Italian operations, people familiar with the situation said Sunday.
Under the shareholders’ agreement, Mr, Bernabe–whose three-year mandate expires in April–will become executive chairman, retaining powers over extraordinary operations, legal issues, regulatory and institutional relations, the people said.
The agreement comes ahead of Telecom Italia’s shareholders meeting, which on April 12 will appoint the company’s new board and management.
Mr. Patuano, who now heads Telecom Italia’s domestic operations, will be promoted to the role of CEO overseeing the Italian market, while TIM Brasil CEO Luca Luciani will oversee the Latin American operations as chief operating officer. Both Messrs. Patuano and Luciani will report to Mr. Bernabe, the people added.