Telecom Italia likely to name new chairman on November 7: source

Reuters News
Posted: Oct 10, 2013 2:03 PM
Telecom Italia likely to name new chairman on November 7: source

MILAN (Reuters) - Telecom Italia is likely to decide on former chairman Franco Beranbe's successor on November 7, when its board meets to discuss a new business plan, a source close to the matter said.

"A list of candidates will be presented to the board at the next meeting," the source told Reuters, adding that the board would be asked to take a vote at the meeting, which would take place on November7.

Bernabe resigned earlier in October after a strategy clash with core shareholders and his role has been taken on an interim basis by deputy chairman Aldo Minucci.

According to the source, Telecom Italia needs to appoint a permanent chairman to start a new reorganization plan.

Telecom Italia could not be reached for comment.

Sources close to the situation have told Reuters Poste Italiane CEO Massimo Sarmi has been a frontrunner to replace Bernabe as chairman.

Telecom Italia's new chief executive Marco Patuano, who took Bernabe's executive powers, is expected to unveil a business plan outlining the future of its South American units and a possible corporate restructuring in Italy.

(Reporting by Stefano Rebaudo, writing by Danilo Masoni, editing by Paola Arosio and Elaine Hardcastle)