The former phone monopolist said in a statement the head of TIM Brazil, Pietro Labriola, had been named general manager so as to ensure the group continued to operate smoothly, confirming what sources had told Reuters earlier on Friday.
TIM's nominations committee will work with headhunters Spencer Stuart to ensure a stable leadership for the group over the medium term, taking into account the evolution of TIM's structure and assets, it said. Gubitosi remained on as a director, preventing Labriola from joining the board and being named as CEO on Friday, a role which sources said he may take on at a later stage.Gubitosi, in his letter to the board, criticised directors for stalling on KKR's offer to please some shareholders.
TIM's board first examined on Sunday KKR's non-binding proposal to take it private in a 33 billion euro deal including debt. One of the sources said a further downgrade to TIM's financial outlook cannot be ruled out, in what would be a fresh blow to holders of its debt, already equal to around four times TIM's core profit.The face-off between Gubitosi and Vivendi is the latest boardroom crisis at TIM, which has had three CEOs since 2015, when the French media group began building its 24% stake.
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