Monday, 18 November 2019

Telecom Italia names new chairman to steady the ship

By Chris Kelly, Total Telecom
Tuesday 22 October 19

The new chairman will be tasked with reuniting a deeply divided boardroom at the Italian telco

Telecom Italia has announced that former Bank of Italy Governor, Salvatore Rossi, will become the company's new chairman with immediate effect. Salvatore will replace Fluvio Conti…

Telecom Italia has announced that former Bank of Italy Governor, Salvatore Rossi, will become the company's new chairman with immediate effect.

Salvatore will replace Fluvio Conti, who tendered his resignation last month, in a bid to bring greater levels of harmony between the company's warring shareholder factions.

Telecom Italia's board has been split between the competing preferences of its biggest shareholder, Vivendi, and those of activist investor Elliott Management.

Salvatore's first task will be to bring a degree of unity to the Telecom Italia boardroom, as the company looks to recover from a 5-year slump that has seen its share price halve.

"The Board of Directors of TIM (“the Company”) today unanimously deliberated to co-opt Prof. Salvatore Rossi and to appoint him as Chairman of the Company’s Board of Directors.

"The Board of Directors has granted Prof. Rossi the powers of the Chairman in accordance with law, with the Company’s By-Laws and with the Corporate Governance codes in force," Telecom Italia said in a statement to the press.

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