Gubitosi resigns, but thanks to the agreement with Tim the farewell is a little less bitter. The now former CEO left his seat on the Group’s board of directors with a recognition of 6.9 million euros. The revolution at Telecom has led to the resignation of the manager who will probably be replaced by the new general manager Pietro Labriola. The handover has long been proposed by the directors in the light of a picture of the messy accounts of the Italian telecommunications giant, while decisions on the board are postponed.offer of Kkr.
Tim endless crisis, agreement on the exit of Gubitosi: the situation
Tim’s board of directors acknowledged the resignation of Luigi Gubitosi in the seven-hour meeting in which the CEO did not take part, at the end of which, however, the black smoke arrived on the purchase proposal of the American fund Kohlberg Kravis Roberts & Co. LP (here we wrote about the previous letter from advisors on Tim’s accounts).
In addition to the manager’s farewell, on the agenda was precisely the examination ofoffer of nearly 40 billion, 10 of which for purchases and 30 billion for subsequent investments in network development for at least the next 10 years, and in particular the decision whether to allow Kkr access to the data room with Tim’s accounts (here we talked about the step back of Gubitosi when the offer arrives).
Pending the assessments of the independent bodies and the government, decisions on this could be taken in the next board of directors (yet to be convened) in which, most likely, the new general manager Pietro Labriola will be appointed in place of Luigi Gubitosi, while Stefano Siragusa should become the new CEO.
Tim endless crisis, agreement on the exit of Gubitosi: no maxi severance pay
As clarified by Tim in a note, unlike what was reported by the press releases, the former CEO would have renounced the maxi severance pay, thanks to an agreement “which provides for the mutual waiver of any claim in relation to the employment relationship“And the waiver by Gubitosi” of any claim against the Company in relation to the management relationship “.
The amount recognized to the former CEO would therefore be 6.9 million euros, equal to two annuities, which will be paid by January 3, 2022.
This is the fourth manager to leave the position of CEO of the Tim Group in just over 5 and a half years, after Marco Patuano, Flavio Cattaneo and Amos Genish, for a total cost in the company’s coffers. over 40 million euros, between the severance pay of Patuano (6 million), that of Cattaneo (25 million), the consideration that Genish received (almost 3 million) and the 6.9 million that will go to Gubitosi.
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