October 11, 2013 / 2:11 AM / 4 years ago

Telecom Italia likely to name new chairman on November 7: source

MILAN (Reuters) - Telecom Italia is likely to decide on former chairman Franco Beranbe’s successor on November 7, when its board meets to discuss a new business plan, a source close to the matter said.

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

“A list of candidates will be presented to the board at the next meeting,” the source told Reuters, adding that the board would be asked to take a vote at the meeting, which would take place on November7.

Bernabe resigned earlier in October after a strategy clash with core shareholders and his role has been taken on an interim basis by deputy chairman Aldo Minucci.

According to the source, Telecom Italia needs to appoint a permanent chairman to start a new reorganization plan.

Telecom Italia could not be reached for comment.

Sources close to the situation have told Reuters Poste Italiane CEO Massimo Sarmi has been a frontrunner to replace Bernabe as chairman.

Telecom Italia’s new chief executive Marco Patuano, who took Bernabe’s executive powers, is expected to unveil a business plan outlining the future of its South American units and a possible corporate restructuring in Italy.

Reporting by Stefano Rebaudo, writing by Danilo Masoni, editing by Paola Arosio and Elaine Hardcastle

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