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Telecom Italia reaches draft accord for former CEO Gubitosi to leave board

by Mike Robinson

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© Reuters. FILE PHOTO – The TIM logo can be seen in its Rome headquarters on November 22nd, 2021. REUTERS/Yara Nardi/File Photo

MILAN (Reuters). Telecom Italia (MI:/TIM) A draft agreement was reached to allow Luigi Gubitosi (ex-CEO) to resign his position on the board, according to two people familiar with this matter.

Gubitosi, who had lost the trust of most board members, resigned as CEO last month. After two profit warnings in July, Gubitosi was under severe pressure from Vivendi (OTC) TIM’s largest investor.

Pietro Labriola was made general manager. Sources said that he was considered to be a candidate for the CEO position. The search for TIM’s next CEO continues.

Gubitosi reached an agreement with TIM’s nomination committee late Thursday over the terms and conditions of his departure, one source said.

According to a source, Gubitosi won’t be present at Friday’s board meeting where the agreement will be discussed. According to the source, Gubitosi will be stepping down on Friday as director if the board approves the agreement.

Daily la Repubblica reported the first news about the draft agreement on its website.

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