Change at the top of Tim Brasil, the Brazilian subsidiary of Telecom Italia.
“Stefano De Angelis, at the end of his two-year mandate and in agreement with the company, presented his resignation as Chief Executive Officer of TIM Participações”. This is what can be read in the company's note. The board therefore elected Sami Foguel as managing director.
De Angelis will maintain his seat on the company's board "in order to ensure an effective transfer of responsibilities and to support a consistent execution of strategic objectives".
Sami Foguel will take office from 23 July. The manager has been Vice President of Customer Operations and Cargo Chief Officer of Azul Airlines since 2014 and Chief Operating Officer of TAP Air Portugal since 2017.
Amos Genish, CEO of Telecom Italia expressed, in a note from the group, "the most sincere thanks to Stefano De Angelis for his leadership and the high professional contribution shown during his tenure at the helm of Tim Brasil".
At the same time, Tim Brasil announced the results for the second half, which closed with a net profit of 335 million reais (+53,2% for the year), equal to approximately 75 million euros, while revenues rose by 5,8% to 4,2 billion reais (941,3 million). Ebitda grew to 1,56 billion reais (+12,7%).
Going into details, revenues from services increased by 5,7% to 3,96 billion reais, while investments reached one billion reais (224 million euros). In the first six months of 2018, profit amounted to 585 million reais (+66,7%), revenues to 8,3 billion (+5,3%) and Ebitda to 3 billion (+14,5 %).
Tim Brazil's board of directors has approved – reads the note – the distribution of 240 million reais as Interest on Equity (IOE), based on profits for the period ended in June. The payment of this form of remuneration, typical of Brazilian legislation, will take place on November 13th.
