Tim, CEO Luigi Gubitosi strengthens the front line with the arrival of three new managers for investor relations, institutional relations and strategies. But, according to some rumors, reported by Radiocor, Gubitosi is also thinking of bringing under its direct control Inwit and Sparkle which will no longer be part of the Infrastructure division led by Stefano Siragusa who will in any case retain responsibility for the fundamental asset of the group, i.e. the net.
With these moves, the CEO inaugurates the new year as the first significant appointment is fast approaching: next Monday's Board of Directors, 14 January, will in fact face the lunge launched by the French of Vivendi last December when tensions rose to the highest levels levels with Vivendi's request for the resignation of 5 directors appointed by the Elliott Fund and their replacement with trusted managers, passing through the convening of a meeting earlier than the one already fixed for the month of April.
THE VIVENDI-ELLIOTT SHOWDOWN IS NEAR
On 11 December Vivendi asked for the resignation of 5 directors . To obtain it, the majority shareholder (but currently in the minority on the board) has requested the convening of a meeting which will be convened, it is thought towards the end of February, precisely from board meeting of 14 January. The counterattack by the French (who control 23,9% of Tim) on the Elliott fund, which holds a package of 8,9% but which could rise to 10%, started on December 14, with the accusation against President Fulvio Counts of having orchestrated the maneuver that dismissed the ex from Amos Genish. The request for revocation of 5 directors in Elliott's share concerns, in addition to the president, also Alfredo Altavilla, Massimo Ferrari, Dante Roscini, Paola Giannotti. To replace them, Vivendi has thought of Flavia Mazzarella, Franco Bernabè and Gabriele Galateri di Genola, both veterans of Telecom Italia, Rob van der Valk and Francesco Vatalaro. The point of contention between Vivendi and Tim concerns the network, which Elliott intends to spin off and sell while Vivendi wants to keep it within the company perimeter, perhaps through appropriate agreements with Open Fiber on the new fiber network. Yesterday on the Stock Exchange Tim closed down by 0,4% at 50 cents and is maintaining the quotation on Tuesday morning as well.
THE VIVENDI-ELLIOTT SHOWDOWN, THE APPOINTMENTS AND INWIT-SPARKLE
However, the coming turnaround, if it does arrive, shouldn't concern the CEO: Vivendi, in fact, did not ask for his head in the list of directors to be dismissed. This would also explain why Gubitosi has decided to bring in Tim three new managers he trusts, with whom he has already worked in Rai and Alitalia. It's about Carola Bardelli which is entrusted with the Investor relations function; Of Simone Cantagallo in charge of institutional communication and of Charles Nardello in charge of the Chief strategic development & transformation office.
The other move involves the Inwit transmission towers and Sparkle's submarine cables that the CEO wants to bring under his direct control. Inwit is already listed on the Stock Exchange and Sparkle is subject to the golden power. In recent months, the hypothesis of the sale of the two assets has been talked about several times even if the Lega-M5S government has hinted that it does not agree with the move, especially for Sparkle. It now remains to be seen what opinion Gubitosi will form on the fate of the two companies and how he will manage to mediate between the two litigants, the Elliott Fund on one side and Vivendi on the other.
