INWIT CEO Giovanni Ferigo and four additional board members have resigned
Back in April, TIM agreed to sell a 12.4% indirect stake in INWIT to a consortium led by French private equity firm Ardian. The sale would leave Ardian with a 90% stake in the holding company Daphne 3, which in turn holds a 30.2% stake in INWIT. TIM will retain a 10% stake in Daphne 3.
Ultimately, this means that the Ardian consortium will control around 27% of INWIT and TIM just 3%. Vodafone remains INWIT’s largest single shareholder with 33%.
As a result of this shift in the company’s balance of power, reports have been circulating since the start of the month that CEO Giovanni Ferigo was set to leave his position within the company as part of a full board reshuffle, with Vodafone and Ardian lining up their own suggested candidates for the board.
Today, INWIT has announced that Ferigo has indeed resigned, as have four additional board members: non-executive directors Giovanna Bellezza, Sabrina Di Bartolomeo, Rosario Mazza, and Agostino Nuzzolo.
Per the company’s bylaws, this mandates a total board reshuffle.
Reports suggest that INWIT will begin the process to select a replacement board as early as next week, with an extraordinary general meeting planned for August 9.
Sources suggest that the new CEO will likely be Vodafone’s preferred candidate, while the chairperson role will be given to Ardian’s candidate.
INWIT is Italy’s largest mobile tower operator, controlling over 22,000 towers across the country. It was created by TIM spinning off its tower unit back in 2015 and has since grown in size, considerably, most recently in 2020 through its merger with Vodafone Towers Italia.