AUTO & TRUCK MANUFACTURERS
MARCH 31, 20219:43 AMUPDATED 6 MONTHS AGO
UPDATE 1-TIM shareholders vote to hand CEO Gubitosi a second term
By Reuters Staff
(Adds details)
MILAN, March 31 (Reuters) - Telecom Italia (TIM) shareholders on Wednesday voted in favour of keeping current Chief Executive Luigi Gubitosi in the job for a second three-year term, Italy’s biggest phone group said.
Gubitosi, who took the helm at TIM in 2018, will be re-appointed as a CEO at a board meeting on Thursday after shareholders attending the annual meeting backed the slate of 10 directors submitted by TIM’s outgoing board.
TIM said 95% of investors who had opted to attend the virtual meeting backed the names on the slate.
Alongside Gubitosi and Chairman Salvatore Rossi, they included representatives of TIM’s top shareholders -- France’s Vivendi and Italian state lender CDP.
Both of those investors backed the slate at the AGM, sources familiar with the matter said.
CDP Chairman Giovanni Gorno Tempini is a new entry on TIM’s board as is Renault CEO Luca de Meo. Vivendi’s representatives Arnaud de Puyfontaine and Frank Cadoret were both confirmed as board members.
Investors representing 59% of the company’s capital were registered to vote, TIM said.
Gubitosi’s reappointment was originally part of a broader plan championed by Italy’s government, which holds a 10% stake in the group through CDP, to press on with a project to merge TIM’s network assets with those of state-backed Open Fiber, sources had previously said.
But a new government led by Mario Draghi, which took office in February, has yet to clarify whether it intends to implement the unified network project as part of its efforts to boost digitalisation, and under what terms. (Reporting by Elvira Pollina; editing by Valentina Za and Keith Weir)
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