Telecom Italia SpA appointed Vivendi SA Chief Executive Arnaud De Puyfontaine as chairman at a board meeting Thursday as the French media conglomerate increases its control over the Italian telecommunications group.
Mr. De Puyfontaine, previously Telecom Italia's deputy chairman, had been widely expected to be promoted to the top spot once Vivendi got regulatory approval for its partial takeover of the Italian company. The greenlight came this week when the European Union signed off provided Telecom Italia sells its stake in a broadcasting company, a condition Vivendi accepted.
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Giuseppe Recchi, who preceded Mr. De Puyfontaine as Telecom Italia's chairman, was named deputy chairman.
Vivendi owns 24% of Telecom Italia and recently tightened its grip on the former Italian telephone monopoly by appointing a majority of the company's board. Vivendi's slate of board members includes Mr. De Puyfontaine as well as the French company's chief financial officer and general counsel.
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(END) Dow Jones Newswires
June 01, 2017 13:25 ET (17:25 GMT)