Telecom Italia (TIM) chairman Fulvio Conti is considering resigning after just over a year in the role. Conti on Thursday confirmed a report by Italian daily newspaper La Repubblica that he was considering quitting, citing easing tensions between warring Telecom Italia shareholders Vivendi and Elliott Management.
According to a separate report by Reuters, Conti’s resignation could be announced at a board meeting on September 26.
Citing an unnamed source, Reuters reported that CEO Luigi Gubitosi could take on the chairmanship for an interim period when Gubitosi departs.
Vivendi has been engaged in a battle with Elliott over the management and strategic direction of the telco since Elliott wrested control of the Telecom Italia board from the French media giant last year.
In June, Vivendi was reported to be moving towards some sort of agreement with Elliott and Cassa Depositi e Prestiti (CDP) over the governance of the company.
Earlier this year, Vivendi abandoned an attempt to replace the TIM board and said it was “prepared to give credit” to CEO Luigi Gubitosi’s request for it to withdraw its motion.
Vivendi did not provide details about what Gubitosi had promised in return.
Vivendi pulled its motion proposing the revocation of the mandates of five board members and the election of an alternative slate at the 11th hour, after it became clear that the French media group could not command the support of sufficient shareholders to overturn the board.
21 September 2020 @ 19:30:00 UTC
21 September 2020 @ 18:00:01 UTC