Telecom Italia CEO Cattaneo Said to Be Leaving Amid Vivendi Pressures
Italian telecommunications company Telecom Italia SpA (TI) is expected to announce the departure of its CEO Flavio Cattaneo following rising tensions with its shareholder French mass media company Vivendi (VIVHY) , 4-Traders reports.
Should the firm move forward, Cattaneo would be the second CEO to leave the company in just over a year, as Vivendi, which owns an almost 25% stake in the company, tries to shift its strategy.
While the Italian operator has said that his departure is based on his failure to meet financial targets, the report said that it stems from a disagreement between Vivendi management and Cattaneo.
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Amos Genish, Vivendi's chief convergence officer, is poised to take over most of Cattaneo's responsibilities.
Shares of Telecom Italia were higher over 2.7% during late-morning trading on Monday.
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