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MILAN, Jan 8 (Reuters) – A gaggle of Telecom Italia (TIM) administrators, together with representatives of prime investor Vivendi , requested the group’s chairman to name a particular board assembly to nominate a brand new chief govt, two sources near the matter stated.
Hit by a string of revenue warnings final yr, the previous cellphone monopoly misplaced its fourth CEO in six years after Luigi Gubitosi stepped down in November, every week after receiving a 33 billion euro ($37 billion) takeover strategy by U.S. fund KKR .
Since then, the CEO powers have been break up between the top of TIM Brasil, Pietro Labriola, who has been named basic supervisor, and TIM Chairman Salvatore Rossi.
The group has an unusual board assembly scheduled for Jan. 26.
Labriola is a number one candidate for the position of CEO and has the backing of Vivendi, sources have beforehand stated.
The French group, which controls a 23.8% stake in TIM, gave a chilly response to the KKR supply, saying it’s too low.
An influence wrestle inside TIM has delayed the group’s response to KKR, which requested entry to firm knowledge earlier than making a proper bid.
Labriola, a veteran TIM govt, has been tasked to iron out a brand new three-year marketing strategy to revamp TIM on a standalone foundation, underneath a method that might embrace a spin-off of its prized mounted community infrastructure, sources have stated.
Telecom Italia and Vivendi declined to remark.
($1 = 0.8804 euros)
Reporting by Elvira Pollina; enhancing by Francesca Landini and Clelia Oziel