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Telecom Italia CEO Set to Leave the Company

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Telecom Italia has announced that its CEO, Marco Patuano is stepping down, following weeks of speculation.

It had been reported that he has had disagreements with the company's largest shareholder, France's Vivendi, which has been tightening its influence over the company.

Vivendi and its chairman, Vincent Bollore were said to be concerned at the slow pace of turning the Italian telco's fortunes around.

Vivendi has slowly raised its stake in Telecom Italia to 24.9 percent, and had been pushing for the sale of the Italian company's Brazilian subsidiary to release cash to invest in its Italian home market.

Telecom Italia said in a statement it was in advanced negotiations with Patuano over his resignation, and is looking for a consensual exit. It added that he had not formally presented his resignation yet.

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Tags: telecom italia  vivendi   Italy