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Portugal Telecom SGPS shareholders propose new CEO
2015-05-08 15:23:01| Telecom - Topix.net
The leading shareholders of holding company Portugal Telecom SGPS have proposed replacing chief executive Joao Franco Mello with Luis Palha da Silva, the former head of retailer Jeronimo Martins and board vice-president at oil company Galp. Portugal Telecom said in a statement the proposal was backed by Grupo Visabeira, Novo Banco, Oi and RS Holding, who together have more than 35 percent of the company, and it will be voted at a general meeting on May 29. PT SGPS is a holding company that owns a 27.5 percent stake in Brazil's Oi, which in turn holds 10 percent of PT SGPS following last year's ill-fated merger.
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Category:Telecommunications