By Olivia Bugault
Telecom Italia SpA announced on Friday evening that former CEO Luigi Gubitosi had resigned from the board of directors, with immediate effect.
Mr Gubitosi has reached an agreement with the company regarding his departure which includes severance pay of around 6.9 million euros ($ 7.8 million), he said.
Mr Gubitosi had resigned his post at the head of the Italian telecommunications company at the end of November, while remaining on the board of directors. The company is currently looking for a new Managing Director.
At the time, Telecom Italia said its board would start considering a non-binding and indicative takeover offer from US private equity firm KKR & Co. On Friday, Telecom Italia said it was reviewing the protest. of KKR’s interest in privatizing the company. on the basis of a price of 0.505 â¬, or about 12 billion dollars in total, and that this will take time.
âAt this stage, an in-depth evaluation of the non-binding indicative expression, as well as a comparison with the outlook and a review of other strategic alternatives are underway in order to decide, among other things, to provide access to the requested due diligence. by KKR, âthe company said.
Write to Olivia Bugault at [email protected]