news


TIM makes Vivendi CEO new deputy chairman

TIM telecom Italia

Telecom Italia has confirmed the appointment of Vivendi CEO Arnaud de Puyfontaine to the board as deputy chairman.

In a minor announcement by the operator, in which it detailed relatively arcane financial elements being discussed at board level, de Puyfontaine’s position escalation was appended to the closing statement. Assuming a non-executive role, de Puyfontaine will likely have his influence on board-level discussions and strategic direction while being excused from the day-to-day involvement and running of the business, at least for now.

“Finally, the Board has appointed Arnaud de Puyfontaine Deputy Chairman of the Company. The Office does not include any executive duties,” the operator said in a statement.

The appointment of de Puyfontaine to deputy chairman is the latest in a string of activity which has seen Vivendi slowly assume a greater level of influence over Telecom Italia. After raising its stake in the operator to 24.9%, just below the minimum level of ownership which triggers a requirement to launch a takeover bid, TIM CEO Marco Patuano promptly resigned after allegedly being at odds with the strategic direction Vivendi appeared to favour for the operator.

Vivendi also had four of its representatives, including de Puyfontaine, appointed to the TIM board. The latest announcement again raises the question of Vivendi’s intentions with the operator as it continues to raise its control at board level without necessarily raising its level of investment.

Tags: , ,

Leave a comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Polls

Should privacy be treated as a right to protect stringently, or a commodity for users to trade for benefits?

Loading ... Loading ...