Group of Telecom Italia directors ask for special meeting to name new CEO

© Reuters. FILE PHOTO: The TIM logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nard

MILAN (Reuters) – A group of Telecom Italia (MI:) (TIM) directors, including representatives of top investor Vivendi (OTC:), asked the group’s chairman to call a special board meeting to appoint a new chief executive, two sources close to the matter said.

Hit by a string of profit warnings last year, the former phone monopoly lost its fourth CEO in six years after Luigi Gubitosi stepped down in November, a week after receiving a 33 billion euro ($37 billion) takeover approach by U.S. fund KKR.

Since then, the CEO powers have been split between the head of TIM Brasil, Pietro Labriola, who has been named general manager, and TIM Chairman Salvatore Rossi.

The group has an ordinary board meeting scheduled for Jan. 26.

Labriola is a leading candidate for the role of CEO and has the backing of Vivendi, sources have previously said.

The French group, which controls a 23.8% stake in TIM, gave a cold response to the KKR offer, saying it is too low.

A power struggle inside TIM has delayed the group’s response to KKR, which requested access to company data before making a formal bid.

Labriola, a veteran TIM executive, has been tasked to iron out a new three-year business plan to revamp TIM on a standalone basis, under a strategy that could include a spin-off of its prized fixed network infrastructure, sources have said.

Telecom Italia and Vivendi declined to comment.

($1 = 0.8804 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button