Ex-Ferrari head could replace TIM chairman Recchi - report

News General Italy 28 MRT 2017
Ex-Ferrari head could replace TIM chairman Recchi - report

Luca Cordero Di Montezemolo, the former chairman of Italian sports car maker Ferrari, could end up replacing Giuseppe Recchi as chairman of Telecom Italia (TIM) in a board reshuffle, according to unnamed sources cited by Bloomberg. Montezemolo could be nominated by TIM’s largest shareholder, Vivendi, as part of a plan to give current CEO, Flavio Cattaneo, even more power, said the sources. TIM’s investors have until 09 April to file board nomination proposals ahead of the company’s 04 May annual meeting, with the report’s sources suggesting Vivendi may look to oust Recchi as part of a proposal that would turn the executive chairman role into a non-executive position.

However, Montezemolo told news agency Ansa that he hasn’t been approached about the possibility. He is currently the chairman of Alitalia but is said to be planning to leave that position after securing investor approval for new funding at the airline.

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TIM,  Telecom Italia,  Vivendi

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