Telecom Italia announces that its CEO Officer Marco Patuano has handed in his resignation, following a boardroom fallout with its largest investor Vivendi, according to FT.com. Vivendi, a French media group just last week raised its stake in Telecom Italia to 24.9 percent which is below the 25 percent threshold that would force it to launch a takeover bid, according to a filing with U.S. market authorities.
Patuano is romoured to be in talks about a potential €7m golden handshake under the terms of a consensual departure. The resignation will become effective as soon as Telecom Italia has approved the terms, the company said in a statement on Monday.
Marco Patuano owns 70,000 ordinary shares and 30,000 savings shares in Telecom Italia. Giuseppe Recchi, Chairman of Telecom Italia is expected to take over his role on an interim basis.