BUENOS AIRES, Argentina-After 10 years as president of Telecom Argentina, Juan Carlos Masjoan resigned from his post last Friday and was replaced by vice president Franco Bertone, who represents Telecom Italia, in the interim period. Along with this change, six of the 12 company directors were also replaced , with their duties being assumed by directors in other areas of the company.
These are the first signs of reshuffling with the objective of restructuring the company since Carlos Felices took over as chief executive officer (CEO) of Telecom Argentina in July. The company lost US$1.14 billion in the first half of the year, compared with the US$80 million in profits it had seen in the same period last year. It is a signal of the effect of the devaluation on its debt of US$3.2 billion.
These management changes come simultaneously with the offer by a group of local investors to buy the 27.37 percent of Telecom, which is in the hands of France T
