A Bloomberg report said Telecom Italia SpA Chief Operating Officer Marco Patuano had assumed the responsibilities as chief executive of the phone company. Patuano took over the role after former Chief Executive Officer Franco Bernabe quit from his position yesterday in Milan at a board directors meeting.

In a company statement, it said Patuano would be given executive powers as interim CEO while Deputy Chairman Aldo Minucci would be assuming the role of Chairman of the phone company's board. The statement did not specify the reasons why Bernabe had quit his post.

Patuano's current responsibilities would include working out details of Telecom Italia's plan to reduce debt and avoid a rating downgrade. The company during Bernabe's time saw a 70% decrease in market value, wiping out as much as EUR30 billion or USD41 billion in market valuation. Moody's Investors Service had also said in August that it would downgrade Telecom Italia's lowest investment grade of Baa3 to junk rating. Patuano would be expected to also sort out the complexities of working out a stock or an asset sale with its majority shareholder Telefonica.