• <a fr-original-style="" href="https://www.reuters.com/markets/deals/kkr-offer-prompts-telecom-italia-board-showdown-over-ceos-future-2021-11-26/" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">Telecom Italia (TIM)</a> has lost its fourth chief executive in six years, after CEO Luigi Gubitosi decided to step down on Friday. The decision came a week after a $12 billion (€10.6bn) takeover proposal by the US private-equity firm KKR caused a clash with top investor Vivendi.<img src="https://images.aposto.com/2021/10/1/1638147471007.jpeg" style="display: block; float: none; vertical-align: top; margin: 5px auto; text-align: center; width: 100%; max-width: 550px; border-style: none; position: relative; cursor: pointer; padding: 0px 1px; box-sizing: border-box;" ratio="1.96" width="550" alt="TIM CEO Luigi Gubitosi" fr-original-style="display: block; float: none; vertical-align: top; margin: 5px auto; text-align: center; width: 100%; max-width: 550px;" fr-original-class="fr-draggable">via La Stampa<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">Looking ahead… The head of TIM Brazil, Pietro Labriola, has been named general manager while chairman Salvatore Rossi, a former central bank official, took on Gubitosi's remaining powers, including the oversight of TIM’s assets which is a matter of national security for Italy.</li><li fr-original-style="" style="box-sizing: border-box;">What is really going on: TIM’s disappointing financial performance has strengthened Vivendi’s hand in pushing out Gubitosi who had been brought in by rival TIM investor Elliott in 2018. Gubitosi remained on as a director, preventing Labriola from joining the board and being named as CEO.</li></ul>

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