TIM boss Labriola set for second term

TIM boss Labriola set for second term


Telecom Italia (TIM) CEO Pietro Labriola is nearing a second term at the operator after a shareholder vote that is set to be held today.

The reappointment of Labriola paves the way for a revamp centred on a planned sale of TIM’s fixed-line access network to US fund KKR.

Labriola has come under fire recently following a record stock price plunge last month.

Vivendi, one of TIM’s leading shareholders with 24%, opted to abstain from the vote despite its opposition to the KKR deal.

With this development, Labriola is in prime position to win the right to appoint two-thirds of the seats, carrying out his plan for TIM’s future.

Smaller investors Merlyn Partners and Bluebell Capital Partners, which each hold a 0.5% stake in TIM, separately challenged the reappointment.

Both have questioned the KKR deal, which is worth up to US$23.4 billion and backed by the Italian government, which holds a 10% stake in TIM.

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