Telecom Italia directors group requests special meeting to appoint new CEO – sources

The TIM logo can be seen at its headquarters in Rome, Italy on November 22, 2021. REUTERS / Yara Nard

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MILAN, Jan.8 (Reuters) – A group of directors of Telecom Italia (TIM) (TLIT.MI), including representatives of the main investor Vivendi (VIV.PA), asked the chairman of the group to convene a special meeting of the board to appoint a new executive director, said two sources familiar with the matter.

Hit by a string of profit warnings last year, the former telephone monopoly lost its fourth CEO in six years after Luigi Gubitosi resigned in November, a week after receiving a $ 33 billion takeover offer. euros ($ 37 billion) by the American fund KKR (KKR. N).

Since then, the powers of the CEO have been shared between the President of TIM Brasil, Pietro Labriola, who has been appointed Managing Director, and the President of TIM Salvatore Rossi.

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The group has a regular board meeting scheduled for January 26.

Labriola is one of the top contenders for the CEO job and has Vivendi’s backing, sources previously said. Read more

The French group, which controls 23.8% of TIM’s capital, reacted coldly to KKR’s offer, deeming it too low.

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

Labriola, a seasoned TIM executive, was tasked with developing a new three-year business plan to reorganize TIM on a stand-alone basis, as part of a strategy that could include a spin-off from its popular fixed network infrastructure, sources said. Read more

Telecom Italia and Vivendi declined to comment.

($ 1 = 0.8804 euros)

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Reporting by Elvira Pollina; edited by Francesca Landini and Clelia Oziel

Our Standards: Thomson Reuters Trust Principles.

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