MILAN (Reuters) - Telecom Italia’s independent board member Elio Catania, who is being investigated for alleged insider trading, resigned on Friday, the company said.
In a statement, Telecom Italia said Catania had told the company he had decided to quit so that the board’s activities and the work of investigators could proceed “in an orderly manner.”
In his resignation letter, Catania said he had always acted correctly.
Catania, a Telecom Italia board member since 2008 and a former director at Intesa Sanpaolo, is suspected of supplying a newspaper with privileged information about Telecom Italia whose publication led to strong fluctuations in the company’s share price, a source familiar with the probe has said.
In July, Italy’s financial police searched the offices and home of Catania as part of the investigation.
Telecom Italia holds a board meeting on September 19 where it is expected to discuss key strategy issues including a reshuffle in its shareholder structure.
Writing by Danilo Masoni, editing by Silvia Aloisi