Henrique Granadeiro, the chairman and CEO of Portugal Telecom has resigned, after the telco was forced to cut its stake in a merger with the Brazilian Oi after a debt deal went wrong.
In a statement the PT board said that its interested were best served by continuing the combination with Oi under the original terms of the agreement.
The board has now appointed a group of executive and non-executive board members to carry out negotiations
It said that contrary to media reports, the controversial debt deal with Rioforte had not been discussed with the board or the executive committee.
The board has appointed PriceWaterhouseCoopers to independent analyse the process to date.
