The Telecom stock remains anchored at 0.22 euros in value on the stock exchange as the deadline for the presentation of the lists for the renewal of the board of directors scheduled for the company’s meeting on April 23rd approaches. In addition to that already presented by the outgoing Board of Directors which embraces the plan drawn up by CEO Pietro Labriola, according to rumors, lists should be presented by the Merlyn fund by March 29th (majority list that would propose Stefano Siragusa, already responsible for the Telecom network, as CEO), while the Bluebell fund would propose a minority list that would see Labriola but only to define the proposed plan and therefore in time. While Asati (the association of Tim’s small shareholders) tries for the umpteenth time to elect its president Lombardi with a minority list in support of the Labriola plan.
Vivendi, i.e. the majority shareholder with 23.7%, which has a lawsuit pending in the Milan court raising objections to the spin-off of the network, has not yet made itself heard, perhaps awaiting the legal response. The situation is certainly not simple either due to the evident opposition of the unions who fear for the employment levels that a splitting of Telecom into several companies (network and services) is destined to entail. Meanwhile, at the Ministry of Business and Made in Italy, discussions have opened between the government, Tim itself and the unions on possible redundancies in the company’s outsourced call centers.
Also present at the meeting, chaired by the Minister of Business, Adolfo Urso, by the Minister of Labour, Marina Calderone, were Eugenio Santagata, chief public affairs & security or Tim, the Regions of Sicily, Calabria, Basilicata, Lazio, Sardinia, Tuscany and the representatives of CGIL, CISL and UIL. For the unions, the issue must be addressed urgently because the requests made concern 1,500 redundancies starting from March, reaching over 2,000 by the end of the year. The closing for the transfer of the network would be set for October 15th if all authorizations are given to the US fund KKR which is preparing to take over the infrastructure for around 19 billion destined to grow if the merger with Open Fiber for the single network is completed. In the meantime, Tim has published the remuneration report which shows that Labriola’s 2023 salary was 3.1 million euros to which is added a tax refund of 1.6 million for share bonuses accrued in Brazil.