Telecom Italia (TIM) announced that its shareholders have approved the new slate of 10 directors proposed by the board last month, including current CEO Luigi Gubitosi and chairman Salvatore Rossi. The vote at the company’s AGM means Gubitosi will be re-appointed as chief executive for a second three-year term at a board meeting to be held on 01 April. It was the first time in the company’s history that TIM’s current board submitted its own list of directors.
In a statement, TIM confirmed that the slate also included representatives of TIM’s leading shareholders, France’s Vivendi, which owns 24 percent of the company's shares, and state lender CDP, which holds 10 percent. Vivendi’s representatives were Arnaud de Puyfontaine and Frank Cadoret, while CDP chairman Giovanni Gorno Tempini as well as Renault CEO Luca de Meo were both confirmed as board members.
TIM added that investors representing 59 percent of the company’s capital were registered to vote and the winning slate was backed by 95 percent of the votes. Shareholders also approved payment of a dividend based on the amount of 1 eurocent per ordinary share, rising to 2.75 eurocents per savings share. The dividend will be payable from 23 June.
