Telecom Italia gets new boss
Telecom Italia on Wednesday appointed Flavio Cattaneo as its new chief executive, nine days after his predecessor quit following a clash with France's Vivendi, the company's biggest shareholder.
Marco Patuano stepped down on March 21 after Vivendi reportedly demanded larger-than-planned cuts under a restructuring programme he had outlined for 2016-18.
The move was seen by analysts as a sign of Vivendi, which has this year tripled its stake in the company to nearly 25%, exerting greater influence over its strategic direction.
Telecom Italia slipped from a profit of 1.35 billion euros in 2014 to a net loss of 72 million euros last year after investing heavily in upgrading its fixed and mobile networks in Italy against a backdrop of declining sales.
Cattaneo, 53, comes in from private rail firm NTV and was already a non-executive director at Telecom Italia prior to his appointment as CEO.
He previously served on the boards of several other major Italian companies, including Generali.
© 2016 AFP