July 31, 2014 / 6:56 PM / 3 years ago

Telecom Argentina chief quits to take role at Telecom Italia

MILAN, July 31 (Reuters) - Telecom Argentina’s chief executive, Stefano De Angelis, has resigned from his role and will take up a new managerial position at Telecom Italia , a bourse statement said on Thursday.

Telecom Italia agreed to sell its stake in Telecom Argentina to Mexican billionaire David Martinez’s Fintech investment company last November, but the deal is yet to be finalised.

Marco Patuano, chief executive of Italy’s former telecoms monopoly, said last month that the final obstacle in the way of the $960 million sale was clearance by the Argentine regulator.

A Telecom Argentina spokeswoman said De Angelis’s new position had been decided “some time ago coherently with the ongoing transaction between Telecom Italia and Fintech”.

Selling Telecom Argentina is part of Patuano’s 4 billion euro ($5.36 billion) plan to help cut debt and fund investments to upgrade Telecom Italia’s domestic assets and compete in the marketplace.

Telecom Italia could not be immediately reached for comment. ($1 = 0.7468 Euros) (Reporting by Stefano Rebaudo; Writing by Isla Binnie; Editing by Alison Williams)

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