News
Arnaud de Puyfontaine’s new role triggers new debate over French firm’s influence at Italian incumbent.
Telecom Italia on Wednesday named Vivendi chief executive Arnaud de Puyfontaine as its deputy chairman.
The announcement came at the end of a brief statement from the Italian incumbent regarding its remuneration report and board meeting dates.
It did not provide further information, other than to note that the deputy chairman role does not carry any executive duties.
Nonetheless, the news will set tongues wagging in the industry, given that there is already much debate about the level of Vivendi’s influence over Telecom Italia.
The French media outfit became Telecom Italia’s biggest single shareholder in June and has since raised its stake to 24.9%, just shy of the 25% mandatory takeover offer threshold. Late last year it successfully secured the right to extend the telco’s board, which now includes four representatives from Vivendi, including de Puyfontaine
There have been widespread reports in recent months that Vivendi is unhappy with Telecom Italia’s strategic direction. It is thought to be pushing for a sale of TIM Brasil, with a view to turning Telecom Italia into a southern European-focused media group.
The speculation led to the resignation of Telecom Italia’s former chief executive Marco Patuano a month ago. He was replaced by former railway company boss Flavio Cattaneo.
