Ruggiero Remains Telecom Italia's CEO, Oversees Local Unit"

Europe's fourth largest telecoms company Telecom Italia has confirmed that Riccardo Ruggiero will remain as CEO and oversee its Brazilian mobile phone unit TIM Brasil, Telecom Italia said in a statement.

According to newspaper reports, Ruggiero has been against the rumored sale of TIM Brasil and was at loggerheads with Telecom Italia's senior management over the issue.

Reports even speculated that Ruggiero might even resign due to a disagreement over strategy.

TIM Brasil has been the subject of bids from other mobile phone companies in Brazil. Mexico's América Móvil (NYSE: AMX) has been rumored to be the favorite to purchase what is Telecom Italia's last major asset in Latin America.

América Móvil is reportedly willing to pay US$10bn for TIM's Brazilian and Argentina operations.

Mario Cesar Araujo will continue to manage the operations in Brazil."

Posted to the site on 25th January 2007