Because the former CEO does not want to resign as a member of the board
After that Luigi Gubitosi last Friday he remitted his powers (as chief executive officer and general manager), the pressing (of the French of Vivendi and of part of the directors who had signed the letter on Friday 19 November addressed to Salvarore Rossi on the governance It is on business) for theExit from Tim’s board of directors by the ex CEO it is growing by the hour.
So much so that according to some sources from Paris, given the manager’s resolve not to resign from the board to give way to the new operational head of the company, that is Pietro Labriola, it is being done pass the message of the need for a general replacement of the board to put Gubitosi out. Version not confirmed by sources close to Vivendi who emphasize instead how the scenario is absolutely not imaginable in this delicate phase with the offer, albeit not binding, of the Americans of Kkr on the table of the board.
The option then points out those who closely follow the dossier, And easier said than to be realized also due to the fact that to make the board and calling an extraordinary assembly to appoint the new council requires the resignation of two thirds of the members (therefore 10 out of 15) and with 180 thousand euros a year of remuneration at stake, he is malignant, it is not immediate to accrue the consent necessary for the change in the governance. Yesterday in the late afternoon they started to circulate rumors insisting on the imminent resignation of the former CEO, but these are unfounded indiscretions e at the moment there are no press releases to the market on the subject in preparation.
Also because Gubitosi covers the office of director as an expression of a list drawn up by the outgoing board of directors (best practice market in the public company like Tim) elected in the assembly for the first time in the history of the group at the end of March this year with 95% of the votes. Including the support of the French (at 23.75%) and of Cdp (second shareholder with 9.81%).
So, the manager has absolutely no intention of taking a step back. Hence, the decision of the board last Friday to appoint, in redistributing the proxies between President Rossi and the CEO of the subsidiary Tim Brasil, Labriola general manager, in the organization chart box immediately free below that of the CEO, from which to direct the operations of the telephone company.
For Vivendi, instead, Gubitosi reconfirmed ad hoc advisor to go to hold the role of chief executive officeronce the function ceased, he should take a step back, giving way to Labriola.
Meanwhile, while a Piazza Affari after yesterday’s tonic + 2%, the stock returns to the red (-0.46% to 0.4728 euros at mid-session), the committee chaired by Rossi who must instruct the file for the examination of the offer received by Kkr. On the table is the theme of the choice of advisor for the multi-billion game, advisor (the names of Banca Imi, Lazard And Rothschild) who will have to help the committee to prepare the papers in order to allow the board to “fully assess the scope, content, conditions and consequences of the non-binding event, as well as mature and take, in an adequately informed manner, the relevant decisions to the same to the extent of its competence “.
It is not certain, however, that the advisor be appointed already in today’s session or to continue in the next few days. In any case, there is no immediate glimpse of a new convocation of the board and therefore it is probable that it will go directly to the board already scheduled for December 17th. Date someone speculates for a stall release in the governance, once the severance pay has been negotiated.
@andreadeugeni
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