Cesar Alierta and Julio Linares, respectively CEO and chief operating officer of Telefonica, "relinquish their positions as directors on the board of Telecom Italia with immediate effect". This is what can be read in a note from the Spanish company published on the website of the Iberian Market Authority. The decision follows the resolution of Cade, the Brazilian Authority, which deemed the increase in the Spanish group's stake in Telco, the holding company that owns 22,4% of Telecom, to be incompatible with antitrust commitments, due to conflicts of interest in Brazil, where Telecom is present with Tim Brasil and Telefonica with Vivo.
Telefonica also informs that "it has decided not to exercise its right to designate or propose two directors for Telecom Italia for the time being". The Iberian telecommunications group also states that it believes "that the measures imposed by the Cade are not reasonable and that it is analyzing the possibility of initiating relevant legal actions".
