- Telecom Italia (TI +0.6%) CEO Franco Bernabe resigned at a board meeting earlier today. The impending step-down was reported by Reuters and Bloomberg last week.
- Bernabe's clashes with shareholders came to a boil as the CEO adamantly opposed a capital raise as late as Aug. before caving. The departed also opposed a sale of TI's Brazilian ops.
- A local analyst observed, "He took over a company with a big debt burden and a declining domestic business and is now leaving a company faced by those same problems."
- Shares have risen 9.6% since rumors of Bernabe's resignation came to light, and the stock has caught upgrades on the way (I, II).