Arab Today, arab today telecom italia overhauls board elects new chairman
Last Updated : GMT 02:26:33
Arab Today, arab today
Arab Today, arab today

Telecom Italia overhauls board, elects new chairman

Arab Today, arab today

Arab Today, arab today Telecom Italia overhauls board, elects new chairman

Rome - AFP

Telecom Italia investors elected a new chairman Wednesday and overhauled the company's board in a bid to bring greater transparency and efficiency to Italy's largest phone group. Giuseppe Recchi, outgoing chairman of oil group Eni, was elected as part of a restructuring of the board which saw independent directors favoured over executives from shareholder Telefonica, Italian media reports said. The revamp aims to give chief executive Marco Patuano greater flexibility in tackling the group's mammoth debts and funding investments to boost growth. The telecoms giant reported a net debt of 26.8 billion euros ($37.02 billion) at the end of last year. The change in board make-up is "the turning point which projects us towards the future," Patuano was quoted as saying in the reports. "The period of governance alchemy is over, it is time to speak business," he said, adding that "the focus will be on strategy." Investors with a combined 56-percent shareholding were present at the vote. A list of board candidates put forward by international investment management association Assogestioni won 50.28 percent of shareholders votes, securing election. There had been concern among investors over the influence on the board of Spanish group Telefonica, the group's largest shareholder and a direct rival to the Italian company in Brazil. Telefonica is part of the Telco holding company that owns 22.4 percent of Telecom Italia. Telco's list obtained 45.5 percent, securing three posts on the new board alongside Assogestioni's three seats. Shareholders will vote separately to elect the seven other directors required to complete the 13-member board.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today telecom italia overhauls board elects new chairman Arab Today, arab today telecom italia overhauls board elects new chairman

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today telecom italia overhauls board elects new chairman Arab Today, arab today telecom italia overhauls board elects new chairman

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday