Telecom Italia SpA (TIA) reached an agreement with Chief Executive Marco Patuano on his resignation, according to a statement released Tuesday.
Mr. Patuano tendered his resignation on Monday, but it only became effective with the formal approval of the board. Mr. Patuano’s resignation is effective Tuesday, according to the statement.
Mr. Patuano will receive a total of 6 million euros ($6.57 million) in compensation, including severance payments.
The board appointed Chairman Giuseppe Recchi as interim chief executive until a permanent CEO is appointed.