Telecom relies levers to Cattaneo – The Journal

Two hours of board of directors to appoint the new CEO of Telecom Italy although it is not a surprise, given that the name of Flavio Cattaneo, until now the NTV leadership, circulated a few hours after the resignation of Marco Patuano. NTV would have in fact tried to hold the top manager, but then the situation would also be unlocked through a stock option plan. The arrival of Cattaneo marks the victory of President Giuseppe Recchi, who has increased his powers and he immediately pointed out: “With the new high we shall constitute a cohesive tandem.” Tune which was instead with failure Patuano, with which misunderstandings were the order of the day.

Since the non-conversion of savings shares, strongly supported by the former manager, but flunked BoD and also at the meeting because of the contrast of Vivendi vote, the largest shareholder of Telecom with 24.9%. Just as it is never the spark between Patuano and French. Vivendi imputed to Patuano poor results compared to European competitors and, above all, fines with the Authority, including that from 103 million has already become final and another package of sanctions that were predicted 400 million of provisions. In short Patuano I never liked, and yesterday the CEO of Vivendi Arnaud de Puyfontaine stressed that the appointment of the new high is great news for Telecom and Italy. As for acrobatics Recchi interior also gets the supervision relating to security and that of Sparkle, the subsidiary that operates the international network, thus becoming a president increasingly “operational.” It seems that the allocation to Recchi of this strategic function has been expressly requested by governo.All’ad Cattaneo instead should be all the operating powers, including Brazil and the mission to recover a relaxed relationship with the Authority in the sector. Along with perhaps more complex task: to revive the accounts and to operate the billion euro of spending cuts sought by the French strong partner.

But the former general manager of Rai and former to the Terna just as well as NTV has the reputation of “clipper” and healing. The unions have already called for a meeting to check the intentions of the new high, fearing that the expected 3 thousand cuts it affianchino other. The company, however, could again ask the expansive solidarity that would allow new hires. This was the Patuano floor, stopped by the government because the expansive solidarity coast to the state coffers. It may be, however, that the meetings between the president of Vivendi Vincent Bolloré and Prime Minister Matteo Renzi have yielded new understandings. Yesterday in the board of directors were present in addition to Recchi, Tarak Ben Ammar, Laura Cioli and French (with Roussel, connected by video conference). Absent also the new high, which is a director of Telecom since 2014: his first public appearance could be the strategy day in Venice on 12 April. How to succeed in NTV, next week the delegation could go to the interim president Andrea Faragalli, waiting to find a new manager.