MILAN (Reuters) – Activist investor Bluebell Capital Partners is proposing to nominate a Google executive as a candidate for the post of CEO of Telecom Italia (TIM), in order to challenge Pietro Labriola’s candidacy for a second term.
In a document outlining Bluebell’s vision for TIM, seen by Reuters, the activist investor put forward Laurence Lafont, Google Cloud’s outgoing vice president for strategic industries in Europe, as a candidate for chief executive of the former Italian monopoly.
TIM investors are due to meet on April 23 to appoint a new board of directors.
Bluebell, which holds a 0.5% stake in TIM, was not available for comment.
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The investor presented a list of candidates to TIM’s board of directors last month, without indicating a candidate for the position of CEO.
Pietro Labriola is under pressure over his plan to sell TIM’s fixed network assets to US fund KKR to reduce the telephone group’s historically high debt levels.
In the document, Bluebell describes TIM’s decision to sell its landline network to KKR as “flawed from the start.”
Pietro Labriola, whom TIM’s outgoing board proposed to reappoint, is also being challenged by minority investor Merlyn Partners, which said it holds a 0.53% stake.
Merlyn notably requests a review of the conditions of the sale of the network and proposes that a former deputy general director of TIM become general director.
The sale of the network, supported by the Italian government, which indirectly controls 10% of TIM, is valued at 22 billion euros.
TIM’s main shareholder, Vivendi, for its part, contested the sale in court and could use its 24% stake in the group to prevent Labriola’s reappointment in his position.
(Report Elvira Pollina, French version Diana Mandiá)
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