Telecom Italia has appointed a new chief executive to put and end to the company's ongoing internal problems.
Franco Bernabe, an economist, will replace the Italian telecomm operator's former chief executive Gian Marion Rossignolo who resigned earlier this month, following a string of strategy blunders.
Bernabe is renowned for turning the fortunes of troubled companies around, best demonstrated during his time as chief executive of Italian energy company Eni. But Bernabe has quite a task on his hands.
Telecom Italia's run of public relations disasters, partnership failures and boardroom squabbles has come to a head in the last month following Rossignolo's resignation and the breakdown of a planned major alliance with the UK's Cable & Wireless.
Cable & Wireless had planned to create a powerful international operation with Telecom Italia, but has now decided to go it alone. Telecom Italia also had a failed partnership with AT&T, the US operator that has now set its sights on BT as its European partner.
Investors welcomed the appointment, with Telecom Italia's share price rising almost seven per cent from the time news leaked out on Wednesday to the close of business in Milan on Thursday.
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