MILAN – A Telecom Italia (TIM) extraordinary board meeting held on Thursday did not provide a clear vision on how to address Vivendi’s concerns regarding Italy’s former phone monopolist, sources close to the French media group said.
TIM held the board meeting at the request of its top shareholder Vivendi to discuss a strategy to revamp the group after it issued two profit warnings in about three months.
The French media giant, which holds a 24% stake in TIM, has called into question the role of Telecom Italia CEO Luigi Gubitosi.
“The board meeting has shown that Vivendi’s concerns are well-founded and that management does not have a clear vision of how to respond to these concerns,” one of the sources said.
TIM was not immediately available for comment.