TIM to hold board meeting to appoint new CEO

TIM to hold board meeting to appoint new CEO

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Telecom Italia (TIM) chairman Salvatore Rossi has called a board meeting on January 21 as it looks to appoint a new chief executive.

TIM general manager Pietro Labriola is the current favourite for the role and has been sinceformer CEO Luigi Gubitosi resigned from his role as a boardroom war continued.

This news comes as it has emerged that KKR has reached out to the Saudi Arabia Public Investment Fund (PIF) as it seeks knowledgeable investors to collaborate on a deal for the telco.

The PIF has wealth assets worth around $400 billion and most recently completed its takeover of Newcastle United late last year.

Although, for any deal with KKR, the PIF would take a passive approach according to Bloomberg sources and discussions are ongoing.

The New York-based firm has also approached other sovereign wealth funds and infrastructure investors about teaming up to acquire TIM.

Despite this, Vivendi still oppose a deal with KKR and would be more open to state control for any such deal. The French company says that KKR’s bid does not reflect the true value of the company and said it would need to increase its bid to win over shareholders.

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