TIMto the center of interest of the American fund KKR, said goodbye in recent hours toCEO Luigi Gubitosi, who has resigned with immediate effect. Gubitosi no longer had the confidence of the largest shareholder Vivendi and his exit from the scene is based on a more rapid analysis of the offer of the American fund, nearly 40 billion, of which approximately 10 related to the takeover offer and 30 linked to the sequel. investments in the development of the network in the next 10 to 15 years.
Both parties have reached an agreement which provides for the mutual waiver of any claim in relation to the employment relationship, furthermore Gubitosi has refrained from any claim against TIM in relation to the management relationship. The agreement provides the recognition to Luigi Gubitosi of an amount of approximately 6.9 million euros to be paid by January 3, 2022.
The CEO leaves the stage, practically accompanied to the door, after the third “profit warning” on the annual accounts and theagreement with DAZN on Serie A rights which it does not give the expected results (so much so that a request for renegotiation of the agreement could be made, with possible legal consequences). Even on fixed telephony, TIM’s performance is below expectations, due to ever stronger competition such as that of Open Fiber.
Gubitosi is the fourth manager to step down as group CEO in just over 5½ years after Marco Patuano, Flavio Cattaneo and Amos Genish, for a total impact on the funds of more than 40 million euros in terms of severance pay. Gubitosi’s farewell paves the way for new chief executive Pietro LabriolaCEO of Tim Brasil, for joining the board and being named CEO.
TIM’s board of directors has also approved the modus operandi of the committee created to analyze KKR’s indicative and non-binding proposal of interest. “A detailed assessment of the non-binding indicative statement and a comparative analysis of it against strategic alternatives and the company’s future prospects are currently underway, aimed at deciding, among other things, whether to provide access to the due diligence required by KKR In addition, management is undertaking a review of the plan. This process is complex and will require times that cannot be quantified at this time.“, says the Council.
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