TIM Board Accepts CEO Luigi Gubitosi's Resignation

TIM (TIAOF.PK) said Monday that its board accepted Luigi Gubitosi's resignation. The board passed resolution to relieve Luigi Gubitosi of his position as chief executive officer and General Manager of the company and remove his respective powers.

The Board then proceeded to reorganise the governance and reallocate said powers. Luigi Gubitosi remains a member of the Board of Directors. Gubitosi holds 3.96 million shares in TIM.

On 21st November, U.S. private equity giant KKR & Co. offered to buy Telecom Italia SpA for 0.505 euros per share, aiming to take the company private.

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