Reports emerged over the weekend that Patuano, who became CEO in November 2013, was set to hand in his notice and that he had had disagreements with the company’s board and with its largest shareholder, Vivendi, over the recently disclosed 2016-2018 strategic plan.
On top of his expected remuneration package, Patuano is set to receive €6 million gross with respect to the termination of respective directorship and employment contracts. Interestingly, the latter payment totals €4,765,000.
The arrangement was approved by the nomination and remuneration committee, prior to by the group’s board of directors, pursuant to the company's “Procedure for performing transactions with related parties”.
“The Telecom Italia Board thanks Marco Patuano for his commitment, dedication and contribution in terms of creating value during his tenure as CEO of the Group and, more generally, over his twenty-five years of employment with the Group,” a statement read today.
The operator’s chairman, Giuseppe Recchi, has temporarily conferred the CEO’s responsibilities until a replacement has been found.
