Former Telecom Italia (TIM) CEO Luigi Gubitosi, who stepped down from his post in November, on Friday reached an agreement with the group to also leave his seat on the board, the company learned. AFP from financial source.
The deal was approved by Telecom Italia's board of directors during a meeting that began in the afternoon.
Read alsoThe boss of Telecom Italia forced to resign
Luigi Gubitosi thus paves the way for the entry to the board of his probable successor, Pietro Labriola, 54, who currently serves as managing director and is at the head of the Brazilian subsidiary of TIM.
KKR takeover offer
Vivendi, Telecom Italia's largest shareholder, had campaigned for a quick solution to an incongruous situation, which saw the former boss sit on the board of directors and thus block access to a possible successor.
The presence of the managing director on the board of directors is essential as he must examine a purchase proposal from the American investment fund KKR. The fund said it was ready to spend 10.8 billion euros for the entire group. KKR's offer is well above the current stock market price (0.444 euro), but is considered too low by Vivendi, the largest shareholder of Telecom Italia, which entered the capital in 2015 at an average purchase price of 1.071 euros per share.
Privatized in 1997 by the government of Romano Prodi, Telecom Italia has witnessed for the last twenty years a continuous waltz of its shareholders and managers.
Since its privatization, the operator has dragged the weight of too heavy a debt, and has chained this year with poor financial results.
TIM launched its third profit warning on Wednesday in a year.