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

Stock MarketsJan 08, 2022 06:20AM ET
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© 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:TLIT) (TIM) directors, including representatives of top investor Vivendi (OTC:VIVHY), 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)

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

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Comments (1)
Empire Destroyer
Empire Destroyer Jan 08, 2022 6:25AM ET
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Lol this company is a representation of how messed up Italy and it's economy is in general. New PM every 1 or 2, proud and arrogant Italians who love their country so much they migrate to UK and other countries for opportunities and moan about their host country not being as good, economy built on a few fashion houses, "real" Italian food/ingredients and football 🤣🤣
Empire Destroyer
Empire Destroyer Jan 08, 2022 6:25AM ET
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1 or 2 years*
azriel leirza
azriel leirza Jan 08, 2022 6:25AM ET
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No, this company is representative of how low profile Italian managers are. All about talking and very low on working....
Empire Destroyer
Empire Destroyer Jan 08, 2022 6:25AM ET
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so lazy people and lazy economy... 🤣🤣 must be busy watching football, eating "good" food and buying big brands to show off... those things are a full time job
 
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