Franco Bernabe, the chief executive of Telecom Italia, intends to offer his resignation Thursday at a board of directors meeting, according to a Bloomberg report that names Poste Italiane head Massimo Sarmi as a likely successor. Telco, the investor group that owns the largest chunk of Telecom Italia, is said to have lost confidence in Bernabe's efforts to pare back the company's enormous debt as fierce competition sparks rate battles.

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