ROME (dpa-AFX) - Italian telecomTelecom Italia (TIAOF.PK, TI) Chief Executive Officer Flavio Cattaneo will receive a bonus of up to 40 million euros if the media industry veteran succeeds in delivering turnaround at the company.
At a meeting, the company's shareholders approved the special compensation plan for Cattaneo. The payout will be made in 80 percent in new shares and 20 percent in cash if the company delivers 'overperformance' against the business plan over four years.
Cattaneo was named two months ago after his predecessor, Marco Patuano, reportedly clashed with the company's largest shareholder, Vivendi SA, the French company controlled by billionaire Chairman Vincent Bollore.
Cattaneo has almost tripled targets for reducing expenses to 1.6 billion euros by 2018 as he aims to improve profitability at the former monopoly.
Copyright RTT News/dpa-AFX