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Permira recruits Italian telecom veteran

The global buyout firm has hired Telecom Italia's former chief executive officer, Riccardo Ruggiero, as it continues to actively target the telecom, tech and media sectors.

Permira has recruited Riccardo Ruggiero, former chief executive of Telecom Italia, as a senior advisor.

Ruggiero will help Permira identify investment opportunities in a number of sectors, although he will focus on the technology, media and telecommunications industry. He will also advise on value creation at portfolio companies.

Ruggiero worked for Telecom Italia between 2001 and 2007 rising to chief executive in September 2002. Before Telecom Italia he worked at various Telecoms companies. He was chief executive of Infostrada, from 1996 to 2001 and he held senior positions at Olivetti Group from 1991 to 1996.

Ruggiero worked as sales and marketing director at AT&T, a US telecoms company, from 1988 to 1991. He had the same position at Fininvest, the Berlusconi family holding company, from 1986 to 1988.

Permira has made several significant telecoms investments including in TDC, a Danish telecoms provider and Debitel, a German telecoms company. Permira recently agreed the merger and partial exit of Debitel with Freenet, a rival German operator, valuing the company at €1.63 billion ($2.55 billion). Permira retained a 25 percent stake in the combined company.