Thursday, September 23, 2010

Italtel Announces Management Shift

Italtel announced the appointment of Umberto de Julio as its new Chairman, replacing Roberto Quarta; and the appointment of Stefano Pileri as its new CEO. Italtel also announced the approval of a 341 million euro bank financing and a 70 million euro capital increase. The capital increase of 70 million euro, which was supported by Telecom Italia and Cisco, is part of the debt re-financing scheme approved at the end of July by the pool of lending banks which includes Unicredit, BPM, GE Interbanca, Banco Popolare and UBI.