Vivendi’s De Puyfontaine quits TIM board

Vivendi chief executive Arnaud De Puyfontaine has resigned his position as a member of the board of Telecom Italia (TIM), with immediate effect.

Arnaud de Puyfontaine

De Puyfontaine said that, in this phase of constructive dialogue between TIM’s main shareholders and the Institutions, under the new government’s leadership, it was fundamental that all the relevant parties may be free to work in a constructive and transparent manner to the benefit of TIM and all its shareholders.

In this regard, he said he considered it appropriate to devote his effort, as CEO of Vivendi, to re-establishing a growth path for TIM and see to it that the real value of the company and its unique network is properly recognized.

De Puyfontaine also said that TIM and Italy remain central to Vivendi’s investment plans.

TIM chairman Salvatore Rossi thanked De Puyfontaine for his “valuable contribution” to the company over the years.

De Puyfontaine has served on the TIM board since 2015 and Vivendi remains the Italian telco’s largest shareholder with a stake of 23.75%.

Speculation in Italy around his departure from the TIM board has focused on the looming possibility of a sale of TIM’s infrastructure to state-backed finance group CDP and the Macquarie fund.

La Repubblica reported that De Puyfontaine’s depature, which follows the November departure of fellow Vivendi board member Frank Cadoret, will free him up to defend Vivendi’s interests if the TIM board recommends an offer for the infrastructure arm that Vivendi deems to be too low.