Group of Telecom Italia directors request special meeting to appoint new CEO – sources

A group of directors of Telecom Italia (TIM), including representatives of the main investor Vivendi, asked the chairman of the group to call a special meeting of the board of directors to appoint a new chief executive, according to two sources close to the group. folder.

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

Since then, the powers of the CEO have been shared between the head of TIM Brasil, Pietro Labriola, who has been appointed managing director, and the chairman of TIM, Salvatore Rossi.

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

Mr. Labriola is one of the main candidates for the post of chief executive and enjoys the support of Vivendi, according to previous sources.

The French group, which controls a 23.8% stake in TIM, responded coldly to KKR’s offer, deeming it too low.

A power struggle within TIM delayed the response of the KKR group, which requested access to the company’s 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 the divestiture of its very fixed-network infrastructure. taken, according to sources.

Telecom Italia and Vivendi declined to comment. ($ 1 = 0.8804 euros) (Reporting by Elvira Pollina; editing by Francesca Landini and Clelia Oziel)

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