As suspected, the Italian broadband operator Tiscali announced that they had replaced Chief Executive Tommaso Pompei with board member Mario Rosso yesterday, whilst signalling that the company was up for sale. After carrying out extensive restructuring, Pompei’s retirement comes after a two-year stretch in the company.

A Tiscali spokesperson announced that the company is to “explore options to create value for shareholders connected with the process of consolidation taking place in the European telecommunications sector.”

Shares rose following rumours that Pompei was to depart from Tiscali and the company has also reported that preliminary revenues rose 34% to 910 million Euros, whilst earnings before interest, tax, depreciation and amortisation rose 60% to 160 million Euros.

Source: Guardian.co.uk

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