Patuano to step down as Telecom Italia CEO

Telecom Italia (TI) has confirmed that it is in ‘advanced negotiations’ with CEO Marco Patuano over his resignation, with the executive thought to be stepping down following increasing tension with the Italian telco’s largest shareholder, Vivendi of France. Vivendi has built up a 24.9% interest in TI, just below the 25% threshold which would require it to launch a full takeover offer for the company. Mr Patuano is expected to tender his resignation at a board meeting on Tuesday.