Telecom Italia (TI) activist investor Marco Fossati’s Findim Group has proposed Vito Gamberale as the telco’s next chairman.
Gamberale has been CEO of Italian infrastructure fund F2i since 2007 and is a former CEO of TI’s predecessor SIP and its…
Telecom Italia (TI) activist investor Marco Fossati’s Findim Group has proposed Vito Gamberale as the telco’s next chairman.
Gamberale has been CEO of Italian infrastructure fund F2i since 2007 and is a former CEO of TI’s predecessor SIP and its mobile unit TIM.
Findim, which has a 5% stake in the incumbent, has also proposed that Franco Lombardi, head of TI’s small shareholders association Asati, and Girolamo Di Genova join the board candidates.
Yesterday, TI’s largest shareholder, holding company Telco, proposed Giuseppe Recchi as the next chairman. Recchi has chaired the board of Italian oil and gas multinational ENI since 2011, but his term is set to expire shortly.
TI shareholders are set to meet on 16 April to elect its next board, including the chair. If there is no majority agreement on the new chair, the board will choose its own.
Findi and Asati have complained that the current board, coming to the end of its term, prioritises the interests of majority shareholders.
At the 16 April meeting, shareholders will also vote on a plan led by CEO Marco Patuano to change TI’s corporate governance to give minority shareholders more influence.
Other board candidates proposed by Telco, controlled by Spanish incumbent Telefonica, include Patuano, Baroness Denise Kingsmill, Terna CEO Flavio Cattaneo and L’Oreal Italia honorary chair Giorgina Gallo.
