Telecom Italia Appoints Giuseppe Recchi Chairman

(RTTNews) - Telecom Italia SpA (TIAOF.PK, TI) said that at its shareholders' meeting held on Wednesday, Giuseppe Recchi was appointed Chairman of the new Board of Directors.

A new Board of Directors was appointed at the meeting, comprising 13 directors. They will remain in office for three financial years, until approval of the financial statements at December 31, 2016.

While six directors have been appointed based on the slates submitted by the shareholders, three were taken from the slate submitted by a group of savings management companies and international institutional investors that obtained the highest number of votes.

The meeting also approved the company's financial statements of 2013. The shareholders' meeting represented 56.04 percent of the company's ordinary share capital.

The stock rose 1.4 percent in Milan on Wednesday to close at 0.856 euro.