Luigi Gubitosi leaves his duties as managing director and general manager of Tim, although he will remain on the board, to favor the examination of the takeover bid announced by the American fund KKR. His duties as managing director will largely be assumed by the president Salvatore Rossi while those of general manager will pass to Pietro Labriola, who however also remains CEO of Tim Brasil.
The turnaround at Tim's top management had been in the air for some time, prompted by the first shareholder Vivendi and accelerated by the announcement in recent days of an expression of interest by KKR in view of the launch of a takeover bid on 100% of the shares of the telephone company . But the turning point was the one determined by the letter that the outgoing CEO, Luigi Gubitosi, sent yesterday to the board of directors demonstrating his willingness to take a step back and relinquish his powers to open the part to a serene examination and immediate confirmation of the preliminary offer of the KKR fund "in respect of the market". What happened in today's boardroom where the cards were put on the table. Now Salvatore Rossi, together with an ad hoc committee, will examine the strategic options that Tim has before him, starting with the offer from KKR. But it will also be necessary to shed full light on the accounts which are one of the reasons that have sent Gubitosi's leadership into crisis.
Despite the turbulence at the top, the uncertainty about the path to take in the face of KKR and the critical issues of the balance sheet, Tim's stock held up yesterday on the Stock Exchange as well where it limited its losses despite the deluge that hit all share lists: Tim lost 0,7% after his run over the past few days.
