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| Monday, 03 December 2007 | |
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Meet the new boss... same as the old boss?
As expected (click here), Telecom Italia’s new controlling shareholders have booted out several senior executives, including Chairman Pasquale Pistorio, and CEO Riccardo Ruggiero, bringing in Gabriele Galateri di Genola and Franco Bernabè in their place. Franco Bernabè had a job in 1998-9 as… wait for it… CEO of Telecom Italia. That's amore. A TI statement today explained: “• The Chairman, as well as legal representation of the Company, has the functional responsibilities to ensure that the Board of Directors, directly and through the activities of its Committees, can exercise the general powers of direction and control over the activities of the Company and the Group. • The Chief Executive Officer, as well as legal representation of the Company, has responsibility for the overall government of the Company and the Group. The Chairman and the Chief Executive Officer were also nominated members of the Strategies Committee.” The changes were led by Mediobanca in an attempt to protect the sensibilities of Italian politicians and public following a takeover driven by Spain’s Telefónica. The challenge now is for Telefónica to make its voice of comparative sanity heard in a boardroom where nocciolo duro (hard core) shareholding institutions treat TI as a financial plaything rather than a telephone company. At least Bernabé should be used to the feeling. Jim Chalmers |
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