Telecom Italia’s CEO Marco Patuano has quit over disagreements over strategy with shareholder Vivendi and ongoing operational difficulties at the company.
“Marco Patuano today handed in his resignation, which will become effective subject to the relevant corporate bodies’ approval of the pertaining terms and conditions,” says the press note issued by the company.
In an earlier press statement the company had said, “Negotiations are ongoing with the Chief Executive Officer aimed at the definition of an agreement — to be submitted to the relevant corporate bodies — on the consensual suspension of the offices held by the CEO within the Group.”
Patuano had clashed with board members appointed by Vivendi demanding that Telecom Italia be more aggressive on cost cutting. Vivendi owns 25% of of the Italian service provider. Chairman of the company, Giuseppe is likely to take over as CEO post Patuano’s departure till a permanent replacement has been found.
The operator had recently unveiled plans to invest in the rollout of finer-optic and 4G networks to spur growth.