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Portugal Telecom CEO Granadeiro steps down
August 7, 2014 / 5:55 PM / 3 years ago

Portugal Telecom CEO Granadeiro steps down

LISBON, Aug 7 (Reuters) - Henrique Granadeiro, the chief executive officer of Portugal Telecom SGPS, resigned on Thursday, the company said, three weeks after it was forced to take a cut in its share of a merger with Brazil’s Oi due to a debt deal that went wrong.

Portugal Telecom had failed to inform its Brazilian merger partner Oi that it held 900 million euros in debt issued by a holding company of the crumbling business empire of Portugal’s Espirito Santo banking family.

The holding defaulted on the debt last month and Portugal Telecom was forced to accept a lower stake in the new merged company with Oi. Portugal Telecom also said on Thursday its executive board had never approved any investment in that debt. It contracted PWC to audit all investment in the Espirito Santo Group debt made by Portugal Telecom. (Reporting By Andrei Khalip, editing by David Evans)

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