Telecom Italia said Monday that
CEO Marco Patuano had tendered his resignation.
"Telecom Italia announces that Chief Executive Officer
Marco Patuano today handed in his resignation, which will become
effective subject to the relevant corporate bodies' approval of
the pertaining terms and conditions," a statement read.
"Marco Patuano qualifies as non-independent executive
director; as of today's date, he owns 70,000 ordinary shares and
30,000 savings shares in Telecom Italia S.p.A.".
Telecom Italia's share price had posted strong gains in
early trading on the Milan stock exchange after a statement was
released saying that Patuano was in talks to step down.
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