Telecom Italia passes CEO powers to chairman on interim basis
MILAN, March 22 (Reuters) - The board of Telecom Italia has accepted chief executive Marco Patuano's resignation and passed his powers on an interim basis to chairman Giuseppe Recchi, it said in a statement on Tuesday.
Patuano officially resigned on Monday, confirming reports at the weekend he was on his way out as top shareholder Vivendi tightens its grip on the Italian phone group.
In addition to his fixed and variable remuneration, Patuano will be paid 6 million euros ($6.7 million) gross as compensation for terminating his employment contract and directorship, the company said. ($1 = 0.8925 euros) (Reporting by Agnieszka Flak, editing by Valentina Za)
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