TIM CEO reaches the final chapter of an odd saga
Friction around the boardroom at TIM has been well documented, but it would appear CEO Flavio Cattaneo is facing his final couple of hours at the helm of the telco.
TIM has circulated a statement outlining a meeting which will take place today. The relevant people have been called together with the aim of relieving Cattaneo from his position after a couple of odd months.
The statement reads:
“TIM informs that a meeting of the Nomination and Remuneration Committee is being called, as well as a subsequent Board of Directors meeting with the following agenda: examination of a proposal of mutual termination of the relationship between the Company and Mr Flavio Cattaneo. Consequent determinations.”
Vivendi has been slowly wrestling for control of the TIM management team in recent months since acquiring a stake of 24.9%, packing the boardroom full of friendlies. Some might have assumed this mission was complete with the appointment of Arnaud Roy de Puyfontaine, Vivendi’s own CEO, as Executive Chairman of TIM, but Cattaneo didn’t seem to be playing ball.
Flavio Cattaneo might have been viewed as a friendly by Arnaud Roy de Puyfontaine, and it certainly was an interesting appointment in the early days. Cattaneo does have an attractive CV, having led numerous companies to success over the years, the only thing which was missing was experience in the telco space. This might have led some to the conclusion that Cattaneo was a puppet to act out Roy de Puyfontaine desires. But it doesn’t seemed to have worked out that way.
Earlier this month it was reported Cattaneo was not happy about the direction of the business, worried about whether subsequent performance would damage his personal reputation. This looks like it might be the last straw as Vivendi execs realize their puppet has come to life and has real feelings of his own.
The meeting has not yet (at the time of writing) released any details, though from the statement above, it’s pretty much a done deal. Just need to figure out how many millions Cattaneo will get in compensation.
