Telecom Italia Assigns All Powers To CEO Marco Patuano - Quick Facts

(RTTNews) - Italian telecom company Telecom Italia SpA (TI, TIAOF.PK) said that its Board of Directors, chaired by Deputy Chairman, Aldo Minucci, has started the process to designate the new Chairman of the Company, after the resignation of Franco Bernabè.

The company noted that the powers and organizational responsibilities previously assigned to Bernabè have been temporarily attributed to the Managing Director and Chief Executive Officer or CEO, Marco Patuano, while the Deputy Chairman is acting as chairman of the Board and legal representative of Telecom Italia, in a temporary capacity.

Telecom Italia said its Board of Directors has also approved the severance package awarded to Bernabè. In accordance with the applicable provisions settled at the time, he will receive the compensation he would have been entitled to until the natural end of his mandate, which will cost the company a total of about 3.7 million euros.

The Board of Directors, in line with the possibility provided for in the existing contract, also resolved to enter into a non-competition agreement for 12 months, which will cost the company approximately 2.9 million euros.

Also, regarding the replacement of Catania, who ceased to hold office on 13 September last, the Board has coopted Professor Angelo Provasoli as recommended by the Nomination and Remuneration Committee.

Regarding the replacement of Catania as Chairman of the Control and Risk Committee and Chairman of the Nomination and Remuneration Committee, the Board has appointed director Jean Paul Fitoussi as Chairman of the latter and he will also act in a temporary capacity as chairman of the Control and Risk Committee, Telecom Italia stated.