Former CEO Gubitosi steps down from TIM board
Telecom Italia’s (TIM) former CEO Luigi Gubitosi has stepped down from the company’s board as the search for his successor continues.
Gubitosi resigned from his role as CEO last month but in a statement, TIM said he would remain a member of the board of directors.
The agreement with TIM provides a severance package for Gubitosi for around €6.9 million that will be settled by January 3.
The boardroom war has hampered the group’s response to a $37 billion takeover approach from US hedge fund KKR which is awaiting access to TIM’s data before making an official bid.
The bid is conditional on backing from the TIM board and the Italian government although the company’s largest shareholder Vivendi opposes any sale.
TIM says it is conducting a ‘thorough assessment’ of the deal and adds that its search for a new CEO continues, although there have been no indications of who that could be as of this moment.
The Gubitosi and Vivendi conflict had been escalating over the past few months as the former CEO had previously rejected speculation that he was close to KKR after greenlighting a deal to sell 37.5% of national Italian fibre company FiberCop to the investment firm.