Seeking Alpha

Telecom Italia CEO resigns

  • 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 (III).
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|