July 24, 2017 / 6:59 PM / a year ago

BRIEF-Telecom Italia to pay CEO Cattaneo 25 mln euros to step down as CEO on July 28

July 24 (Reuters) - Telecom Italia says in a statement on Monday:

* board agrees by majority vote a settlement deal to end the mandate of Flavio Cattaneo as Chief Executive Officer

* Cattaneo to step down as CEO on July 28 and as general manager as of July 31

* Cattaneo to receive 22.9 million euros gross by way of settlement payment, plus 2.1 million euros gross relating to non-competition, non-solicitation and non-poaching covenants for one year as regards the main competitors of the company in Italy and Brazil

* company has started the process of finding a successor to Cattaneo, board will further discuss the matter on July 27

* Cattaneo currently owns 1.5 million Telecom Italia shares

* will start a second phase of company turnaround pursuing the targets set by Cattaneo, and especially the fibre optic rollout plan Further company coverage: (Reporting by Milan newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below