Colaninno wins 19m to soften departure blow

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Roberto Colaninno, who was ousted as boss of Italy's flagship phone company a fortnight ago, has been offered €31m ($27.6m) in compensation.

This will be on top of the estimated €105m he made from selling his personal stake in Telecom Italia and a share of €875m from his holding in Olivetti.

Half of the payout is due from Telecom Italia, and the remainder will be paid by Olivetti, the company that Colaninno used as his vehicle for his dramatic and successful €60bn hostile takeover of Telecom Italia two years ago.

The money, which is part of his departure agreement and is said to be a pay-out for his stock options, should help console the former Telecom Italia chairman following an abrupt fall from grace.