(Reuters) – Arnaud de Puyfontaine, chairman of Vivendi’s management board, has resigned from the board of directors of Telecom Italia (TIM), the French media group said on Monday.
“Arnaud de Puyfontaine today informed TIM of his decision to irrevocably step down from his current role as a member of TIM’s board of directors with immediate effect,” a Vivendi spokesperson said.
Debt-ridden TIM has been embroiled in negotiations for months over the sale of its landline network to the Italian Caisse des Depots (CDP).
This potential sale was part of a plan sponsored by the previous government to create a national network champion under the control of Caisse des Depots, but it was met with reluctance by the new government formed by Giorgia Meloni.
“In this phase of constructive dialogue (…) it is fundamental that all parties involved can be free to work constructively and transparently in the interest of TIM and all its shareholders,” added the spokesperson.
According to the group, main shareholder of TIM, Arnaud de Puyfontaine wishes to devote his efforts to putting the Italian company back on “the path of growth” and to recognize “the real value” of the company and its network.
The group also reaffirmed its “strong interest” in TIM over the long term “as Italy remains at the heart of Vivendi’s strategy with other potential investments to come”.
(Report Mathieu Rosemain, written by Kate Entringer, edited by Blandine Hénault)
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