TIM Brasil CEO Mangoni steps down

TIM Brasil interim CEO Andrea Mangoni will step down after less than a year in charge of the company.

The former CFO of TIM's parent company, Telecom Italia, will depart on March 4.

Mangoni replaced Luca Luciani, who stepped down from his post last May after being implicated in a scandal involving the falsification of prepaid SIM cards to inflate Telecom Italia’s subscriber base.

In a statement TIM said Mangoni announced his resignation at the end of a meeting held on Tuesday, called to discuss the company’s fourth quarter financial results.

Mangoni said he had accomplished the task that had been assigned to him to command a smooth transition in the management of the company.

TIM recorded a 16.4% rise in fourth quarter net profit attributed to higher services and products sales.. The company’s revenue was up 8.2% to R$7.34 and net profit for 2012 rose 13.4% to R$1.45 billion.

TIM said it would announce a replacement as soon as possible. Some reports suggest that TIM is looking for a Brazilian executive with no links to parent company Telecom Italia.