Telecom Italia’s New Board of Directors Confirms Patuano as CEO

Apr 18, 2014 8:46 am ET

April 18 (Bloomberg) -- Telecom Italia SpA’s newly elected board today confirmed Marco Patuano, 49, as chief executive officer.

Patuano, a 24-year company veteran, took the helm of Italy’s largest phone company last October when Franco Bernabe resigned after clashing with top shareholders over his attempt to boost capital.

Telecom Italia shareholders on April 16 chose Giuseppe Recchi as chairman after months of clashes over the indebted company. Recchi will oversee “strategic, industrial and financial plans,” according to a company statement.

Patuano is focusing on upgrading networks, forging partnerships with broadcasters and selling non-strategic assets as he seeks to cut debt and boost profitability.

The board also appointed Lucia Calvosa, Laura Cioli, Francesca Cornelli, Giorgina Gallo and Giorgio Valerio for its control and risk committee. Board members Davide Benello, Flavio Cattaneo, Jean Paul Fitoussi and Denise Kingsmill were named to the nomination and remuneration committee.

Telecom Italia shares closed little changed yesterday at 85.6 cents, giving the company a market value of 15.6 billion euros ($21.6 billion). The Italian exchange is closed today.