Former TIM CEO Luigi Gubitosi Leaves Board

Italian telecommunications company TIM (TIAOF.PK) said that its former Chief Executive Officer or CEO Luigi Gubitosi is stepping down from the Board, with immediate effect.

Last month, Gubitosi resigned as chief executive officer of TIM, just a few days after private equity firm KKR launched a 33 billion euro takeover bid for the Italian firm.

Gubitosi's move follows a deal with the company, providing for the ordinary mutual renunciation of any claim relating his employment relationship, the Rome-based company said in a statement.

In addition, the former CEO has also waived any claim towards the company relating his administrative relationship.

The agreement has also allowed the two parties for a severance package in favor of Gubitosi of about 6.9 million euros to be settled by January 3, 2022. Gubitosi currently holds 3.95 million shares in TIM.

Meanwhile, assisted by the advisor Spencer Stuart, TIM is on its succession planning process to find a new CEO.

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