September 27, 2013 / 7:41 PM / in 4 years

Telecom Italia chief Bernabe considering resigning: source

ROME (Reuters) - Telecom Italia TLIT.MI Chairman Franco Bernabe is considering resigning at a board meeting scheduled for Thursday, a source close to the situation said.

Franco Bernabe, Telecom Italia chairman and CEO, poses in his office in Rome, April 19, 2013. REUTERS/Alessandro Bianchi

“We are heading towards a resignation,” the source told Reuters on Friday.

In a parliamentary hearing this week, Bernabe said Telecom Italia needed to raise fresh capital to avoid a credit rating downgrade to “junk” status and that the best way would be through a capital increase.

Bernabe has spoken out against possible plans by top shareholder Telefonica to sell some of the company’s most valued assets once it gains control of its Italian rival.

Reporting by Paola Arosio

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