Pietro Labriola was re-elected as CEO of Telecom Italia for a second term after receiving shareholder support for his strategy to sell the operator’s fixed network assets. The sale of these assets, valued at €18.8 billion, aims to reduce Telecom Italia’s debt load. Despite opposition from investment companies Merlyn Partners and BlueBell Capital Partners, who won two and one seat respectively, Labriola’s victory in the shareholder vote demonstrates widespread approval for this strategic decision.
Despite challenges from these investment companies, with a 0.5 percent stake each in Telecom Italia, Labriola’s reelection signifies strong support for the sale of the fixed-line business. These companies have criticized the operator’s current strategy and its plan to offload assets to KKR through NetCo. However, their efforts were not enough to sway investors in their favor.
The annual meeting saw Labriola’s slate of candidates win six out of nine seats on the board of directors. This success is a testament to the strength of Labriola’s leadership and his ability to rally shareholders behind this strategic decision. With Vivendi, the operator’s largest shareholder holding 24 percent, abstaining from voting on the matter, it is clear that there is widespread approval for Labriola’s vision and strategy moving forward.
In conclusion, Pietro Labriola’s re-election as CEO of Telecom Italia signifies strong support from shareholders for his strategy to sell the operator’s fixed network assets. Despite opposition from investment companies Merlyn Partners and BlueBell Capital Partners and abstention by Vivendi, labriola’s victory demonstrates widespread approval for this decision which aims to reduce Telecom Italia’s debt load.
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