Italian IT company, Olivetti claims the worst of its financial troubles are over as it disbanded its executive committee set up at the height of its recent problems. The committee was set up in September as the company suffered a series of heavy financial losses and disagreements between the board and management. The company announced net debt at the end of October of $1.69bn. Olivetti recently sold an 8.26% stake in Omnitel, its mobile phone subsidiary.
Although the company has a long way to go in reviving its fortunes, the new move is seen as an attempt by chairman Roberto Colaninno to regain leadership. The dissolution of the executive committee also removes the last member of the De Benedetti family from an executive role in the company. Carlo De Benedetti still controls a 15% stake in the company.