Telecom Italia (TIM) has been in a state of flux since January, when Vivendi’s CEO Arnaud de Puyfontaine resigned from the board. Vivendi, TIM’s top shareholder, has proposed Luciano Carta, a former chairman at Italian defence group Leonardo, to fill the vacant seat. The French group has also called into question CEO Pietro Labriola’s plan to turn around the company.
At TIM’s next board meeting on June 22, the proposed nomination will be reviewed by the nomination committee and then discussed at the board. Last month, TIM shareholders failed to select a director to fill the vacant seat.
The situation is further complicated by TIM’s plans to revamp its domestic business through the sale of its prized landline grid. The company has set a deadline of June 8th to receive improved offers for its grid.
It remains to be seen how the situation will play out, but it is clear that Vivendi is determined to have a say in the future of Telecom Italia.