TIM Participacoes CEO Luca Luciani is about to resign from his post, press reports claimed.
The move is seen as related to an investigation in Italy into fraudulent activity. The board of Telecom Italia, the owner of TIM, decided earlier this week to…
TIM Participacoes CEO Luca Luciani is about to resign from his post, press reports claimed.
The move is seen as related to an investigation in Italy into fraudulent activity. The board of Telecom Italia, the owner of TIM, decided earlier this week to dismiss Luciani, reports claimed.
Spokespeople for Telecom Italia and TIM refused to comment.
At the beginning of May TI revealed in an SEC filing that three former executives are being accused by the Milan Public Prosecutor of “obstruction of supervisory activity”, following a preliminary investigation. Luciani is among the executives subject to the investigation, which relates to alleged unlawful renewal of mobile phone SIM cards in Italy during the period 2006 to 2008.
Bernstein Research commented in a note to investors that a departure of Luciani would be a blow to the company. However, there were several internal candidates that could replace him.
