Bernabe retains sweeping powers at TI
Telecom Italia is plotting a management re-shuffle that will see current chief Franco Bernabe promoted to chairman of the board.
Bernabe will assume the new role in April when his tenure as chief executive ends, but will continue to handle key relationships covering legal issues, regulation and investments.
The firm is lining up Marco Patuano, current head of domestic operations, as its new CEO as part of the reshuffle, which was approved by major shareholders over the weekend. Luca Luciani, current chief of TIM Brasil, will head up Telecom Italia’s Latin American division as part of the changes, which are tipped to be ratified at the telco’s general shareholders meeting on April 12, WSJ.com reports.
Sources told the news site that Bernabe’s sweeping powers should ensure the smooth running of the firm moving forward, and that Patuano and Luciani have been in the frame for promotion for some time.
The decision draws a curtain on long-running talks to decide on Bernabe’s successor, with some shareholders unhappy with Telecom Italia’s domestic performance, with sales down 17% during the chief’s tenure, FT.com noted.
Telecom Italia has eight shareholders, including Italian holding firm Telco SpA and Spanish incumbent Telefonica.