Telecom Italia CEO Quits as Expected

By Giada Zampano

ROME--Telecom Italia SpA's Chief Executive Marco Patuano announced his resignation as expected on Monday, after clashes over strategy with Vivendi SA, the French media and entertainment company, which has taken a near 25% stake in the Italian operator.

Telecom Italia confirmed in a brief statement that Mr. Patuano, 51, has handed in his resignation, adding that his exit is now subject to the approval of the company's competent bodies.

The telecom operator had said earlier Monday that it was in advanced talks with Mr. Patuano over the terms of his departure, confirming reports over the weekend that the top manager was about to quit. He has been with the company for 25 years and has been chief executive since November 2013.

The boardroom bust-up follows Vivendi's growing influence at Telecom Italia. Shareholders in the former Italian telecom monopoly approved the appointment of four Vivendi directors last December after the French company acquired around a fifth of the Italian firm's stock.

Write to Giada Zampano at [e-mail]

(END) Dow Jones Newswires

March 21, 2016 10:02 ET (14:02 GMT)

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