Retelit shareholders say no to Talotta on the board

30 April 2018 | Alan Burkitt-Gray

Banker Raffaele Mincione has failed in his attempt to get former Sparkle CEO Alessandro Talotta on to the board of rival fibre company Retelit.

Mincione, Talotta and other candidates for the board did not win enough support from a shareholders’ meeting last Friday. They were backed by Fiber 4.0, a newly set up company that has a 12.82% stake in Retelit, and has become an activist investor.

Talotta left his role at Sparkle at the beginning of April, but was only released by Sparkle’s owner, TIM, on Friday morning. He is looking for another international role in telecoms, he told us on Friday.

Dario Pardi, the existing chairman of Retelit’s board, was re-elected to the position. CEO Federico Protto is a member of the board.

Retelit owns 12,500km of fibre cables connecting nine metropolitan area networks and 15 data centres in Italy. Its network extends beyond Italy through a pan-European ring with PoPs in Frankfurt and London. The company also reaches the main European telecommunications hubs, including Amsterdam and Paris.

Retelit is a member of Africa Asia Europe 1 (AAE-1), the subsea cable system connecting Europe to Asia through the Middle East, reaching 19 countries. It owns a landing station in Bari.