After months of difficult cohabitation, the new masters of Telecom, France’s Vivendi, have managed to send away to the Marco Patuano. Divorce, for now unofficially, has matured within hours of the board of directors last Thursday, when for the umpteenth time Patuano found himself in trouble in front of a council where the presence of the four representatives of Vivendi, entered in December, it is always more decisive.
the casus belli was apparently the devaluation imposed by the majority of the board but not provided by the ad, to 240 million stake in the Tim Brasil. Operation with a dual purpose: on the one hand strategic, since it is consistent with the wishes of the French to prepare the exit from Brazil to focus on the content; the other company, because it was tantamount to rewrite the budget Patuano that was occurring at that very moment. Also in council it would have been even stronger contrast than the cuts, which Vivendi would lead to one billion from 600 million expected. Possible differences even on the sale of Inwit, which has been postponed, complete a picture in front of which Patuano noted, also in the interest of the company where he worked for 25 years, the end of the relationship of trust with the new large shareholders. So Vincent Bolloré, first of Vivendi shareholder with 5%, complete his climb to Telecom. Its aftermath settlement Generali to a French manager, Philippe Donnet, who also sits on the board of Vivendi. Besides Patuano Telecom leave another 2 or 3 top manager.
The next board of directors, can between now and Tuesday, will receive the official resignation, proceed to give powers to the President Recchi and invest the Appointments & Remuneration Committee task of identifying the information again. The Committee shall consist of 5 members from 17 of the board, two of whom came in December for Vivendi: the powerful to Arnaud de Puyfontaine and Stéphane Roussel.Da months the same the same de Puyfontaine saw several managers thinking of who to put, sooner or later instead of Patuano. Among them the number one Wind and future aggregation head with ’3′ Maximo Ibarra and the head of BT Global Services Europe, Corrado Sciolla. But what seems to have the greatest chance is Flavio Cattaneo, who is healing to the NTV (Italo trains), former head of Terna, Fiera Milano, Rai, that the top managers of Vivendi knew well because it already sits on the board ( and also in that of General). NTV has denied the rumor Cattaneo confirming that he is fine here. But the door, according to financial sources, remains open: it depends on how the manager could manage his relationship with the company di Montezemolo and Della Valle, which has invested about 3.5 million for 4% of the capital and to get progressively up to 9% through a complex stock grant plan. This is the node that Cattaneo should try to loosen up.
Taking into account also that Patuano gains in Telecom 1.2 million fixed salary with a variable that has been in 2015 of 1.7 and a stock plan option to incentives. Conversely, there may be other candidates, including foreign (circulating the name of the former to Deutsche Telekom, Rene Obermann) .Riguardo to Patuano, his severance pay, calculated on the year that is missing at the end of the mandate and the 24 months that They entitled as dg, worth 7 million to 8 million. To which one might add, however, a share of stock options calculated at current fair value.
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