Gubitosi relinquished his responsibilities on Thursday, saying in a letter seen by Reuters he did not want to stand in the way of the board giving prompt consideration to a $12 billion takeover proposal by U.S. fund KKR.
Gubitosi has not stepped down as a director, the sources said, preventing Labriola from joining the board and being named as CEO, adding the meeting was still ongoing.Gubitosi, in his letter to the board, criticised directors for stalling on KKR's offer to please some shareholders. The offer followed a downgrade of TIM's debt that pushed it further into junk territory a week ago, which two sources said had hastened KKR's decision because TIM was at risk of breaching bank covenants.
Gubitosi first brought KKR on board last year, striking a 1.8 billion euro deal that handed the fund a 37.5% stake in TIM's so-called last-mile network reaching into people's homes.
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