Telecom Italia's chief executive Franco Bernabe has resigned along with the company's entire board of directors following the successful hostile takeover of the Italian telco by Olivetti at the weekend. see Newswire 24 May
In a statement, the operator said: "The majority of Telecom Italia's directors has resigned. Consequently, the entire board of directors has tendered its resignation, but will continue in office until its substitution at the next shareholders' meeting."
The shareholder meeting is scheduled to take place on 28 June.
On Friday, Olivetti succeeded in securing a 51 per cent stake in Telecom Italia at a cost of around $33 billion in cash, stock and bonds. The deal appears to have trounced the planned merger of Telecom Italia and Deutsche Telekom, announced in April.
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