Telecom Italia heads split

New heads better than none

A number of senior executives have walked out of Telecom Italia, which according to the firm is a positive move that opens the way for fresh leadership at Italy's leading telecoms provider.

Telecom Italia said in a brief statement that chairman Pasquale Pistorio, CEO Riccardo Ruggiero, and deputy chairman Carlo Buora had quit the firm.

It said the three men will step down at the next board meeting.

Telecom Italia, which recently gained a new controlling group that includes Spain's Telefónica, said it has called a board of directors meeting for Monday 3 December to discuss the resignations.

According to the Financial Times, Gabriele Galateri di Genola and Franco Bernabè are both in the frame as likely successors. ®