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BREAKING NEWS

TIM chairman steps down, board to meet October 21 on succession

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MILAN (Reuters) – The chairman of Telecom Italia (TIM), Fulvio Conti, has stepped down, the company said on Thursday, in a move that signals an easing of tensions between the group’s main shareholders.

In a statement after a board meeting, TIM said its board will meet on Oct.21 to discuss the appointment of a successor.

Board member Michele Valensise will take on the chairman role on an interim basis, the statement added.

French conglomerate Vivendi is TIM’s main shareholder with a 24 percent stake, while U.S. activist fund Elliott and state lender CDP both have a stake of just under 10 percent.

Conti’s resignation was expected after he said earlier this month he was considering stepping down in light of a “renewed climate of trust” between the company’s shareholders.

(Reporting by Elvira Pollina, editing by Silvia Aloisi)

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