Vivendi plans to push forward a review of the turnover of Telecom Italia – Sciences et Avenir

by Agnieszka Flak and Gwénaëlle Barzic

MILAN (Reuters) – Vivendi, the main shareholder of Telecom Italia (TIM), plans to push for a review of the Italian group’s board of directors with the aim of removing former chief executive Luigi Gubitosi, at – we learned on Wednesday from four people familiar with The issue.

This move comes at a crucial time for TIM, whose board of directors will meet on Friday to discuss the follow-up to be given to the takeover offer made by the US fund KKR.

Luigi Gubitosi resigned as CEO last month as criticism of his management increased, especially from Vivendi, and TIM’s results disappointed.

But Luigi Gubitosi has kept his position on the board, preventing his successor as CEO, Pietro Labriola, from taking over; you must first sit on the board.

According to two of the sources, if Luigi Gubitosi does not resign as CEO on Friday, Vivendi could push for a reorganization of the board of directors.

If the French conglomerate chose this path, these two sources add, it would then be necessary to hold an extraordinary shareholders’ meeting, for which the board of directors must give its approval.

A reform of the board of directors could also be due to the resignation of the majority of the directors.

TIM declined a request for comment.

Even if another board member resigned and vacated a position for Pietro Labriola, that probably wouldn’t be enough for Vivendi, two sources said.

Vivendi is also considering a revision of TIM’s board because it wants to present an alternative to KKR’s plan to reactivate the Italian group, the sources said.

(Report Agnieszka Flak in Milan and Gwénaelle Barzic in Paris, with Elvira Pollina in Milan and Giuseppe Fonte in Rome; French version Jean Terzian)

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