Arnaud De Puyfontaine, the CEO of Vivendi, has resigned from the board of Telecom Italia Group (TIM Group), in which Vivendi is the largest single shareholder with a 23.8% stake. A statement from the Italian telco cites De Puyfontaine as saying: ‘In this phase of constructive dialogue between TIM’s main shareholders and the institutions, under the new government’s leadership, it is fundamental that all the relevant parties may be free to work in a constructive and transparent manner to the benefit of TIM and all its shareholders.’
It adds that the executive, in his role as Vivendi CEO, ‘considers it appropriate to devote his effort … to re-establishing a growth path for TIM and see to it that the real value of the company and its unique network is properly recognised.’
De Puyfontaine confirmed that TIM remains central to Vivendi’s plans.
TIM, its shareholders and network investment partners are in discussions with the government on the telco’s future direction, including the fate of its fixed networks business.