End of the arm wrestling. The former CEO of Tim Luigi Gubitosi would have found an agreement with the group to leave, after the executive positions, also the seat of director. In this way, the way would be paved to allow the current director general, Pietro Labriola, to enter the board and to assume the proxies from to. This step would also allow a turning point in the negotiations with Kkr, so far conducted by an ad hoc committee chaired by president Salvatore Rossi.
The situation is unlocked on the day of the meeting of the board of directors in which Gubitosi would not have taken part. The manager’s step backwards takes place without his having obtained the indemnity that he would have requested in the last few days. For the manager there would be no maxi severance pay but only compliance with the provisions of the contract.
Tim is experiencing a particularly turbulent period that culminated two days ago in the third profit scare within six months. A downward revision of the estimates for the end of the year and which could also reflect on the forecasts already formulated for the years to come, which will be the subject of the new industrial plan. At the same time, on the board of directors there is the request of Kkr to open a due diligence, that is, an examination of the state of Tim’s accounts before formalizing the launch of a takeover bid for 50.5 cents on the company. But on this the advice could still take some time.