Franco Bernabe he leaves the scene and the search for a new president for the telephone age begins. The manager's resignation came as expected in yesterday's board of directors and, as stated in a press release, was accepted "in harmony with the board". "I decided to take a step back because in this critical phase for the future of Telecom, a split within the board of directors on the path to take would have led to paralysis of the company and the impossibility of reaching a shared solution", explained Bernabè in a letter to Telecom Italia employees. The decision was made following the disagreement between Telco's Chairman and Blockholders on Recapitalization: Bernabè had been asking for a capital increase of 3-5 million euros for some time to avoid downgrading and relaunch the group, but Telco has always opposed it, complying with the guidelines of Telefonica, which instead plans to raise cash with the sale of Tim Brasil when he assumes the leadership of the major Italian telecommunications operator.
In the letter, the former president of Telecom Franco Bernabè also notes that he resigned "not without having represented to the board the need to provide the company with the financial means necessary to support a recovery strategy". In support of Bernabè's position also the chairman of the Cdo Franco Bassanini: "he recently made a very understandable proposal - he said - the company needs a capital increase, logically that's the case". But on a possible direct entry of the Cassa into the Bassanini group, he reiterated that the mission of Cdp "is to finance infrastructure" and not to "reduce the debt of companies that have a recapitalization problem".
Bernabè's powers have been provisionally entrusted to CEO Marco Patuano, while the presidency of the board and legal representation remain with the vice-president Aldo Minucci. In place of Elio Catania, Professor Angelo Provasoli has entered the Board of Directors. The board co-opted him with the status of independent director. Today at 15 pm, in the Corso d'Italia headquarters in Rome, the CEO of Telecom Italia Marco Patuano will meet the trade unions of CGIL, CISL and UIL to "illustrate the effects of yesterday's board of directors in Milan, to which President Franco Bernabè handed in his resignation”.
Franco Bernabè's resignation cost the company 6,6 million euros. Bernabè will receive the treatment to which he would have been entitled until the natural expiry of the mandate (fixed and variable remuneration, benefits and other remunerations to balance the tax charges applicable to the taxed benefits), for a total charge borne by the Company equal to approximately 3,7 million euros. The Board of Directors, in line with the possibility envisaged by the existing contract, also resolved to stipulate a non-competition agreement with a duration of 12 months, with a cost for the Company of around 2,9 million euro.
On the Stock Exchange, the stock closed yesterday up 1,66% at 0,64 euro between normal exchanges perhaps rewarding the expectation of a postponement of the capital increase.
