TIM announced that the Board of Directors (“Board”) met under the chairmanship of Salvatore Rossi and unanimously appointed Pietro Labriola Chief Executive Officer (“CEO”), effective immediately. Labriola was appointed with the support of the Nomination and Remuneration Committee.
Pietro Labriola will continue his role as General Manager, which he was appointed to on November 26. He will resign as Director and CEO of the Brazilian subsidiary TIM S.A.
Currently, Labriola (see his resume on the Group website) does not own any shares in TIM.
“The Board and I are deeply satisfied with Pietro Labriola’s appointment as TIM’s CEO,” said Salvatore Rossi, Chairman of TIM. “With his expertise and drive for delivering results, Pietro is the right choice to lead TIM’s next phase of development, while enhancing the key role our Group plays in Italy’s economic, digital and social growth.”
“I am proud to assume leadership of TIM, which I have served for the last twenty years,” said Pietro Labriola, Chief Executive Officer and General Manager of TIM Group. “My goal is to drive the Group to realize its full potential and maximize the value of our assets in the interest of all our shareholders. The challenges and opportunities ahead will require cohesion among all stakeholders. I am thankful for the trust the Board has placed in me to lead the Company forward. I also want to thank our Brazilian colleagues for the brilliant results we have delivered together and our Italian colleagues for what we shall do.”
Pietro Labriola, as CEO and General Manager, will qualify as a non-independent Executive Director and will have all the executive powers necessary to carry out the Company’s activities, which were assumed by the Chairman of the Board on November 26, 2021.
The Chairman Salvatore Rossi will keep the responsibility over the communications on the indicative and non-binding expression of interest sent by KKR & Co. L.P., and the related ongoing process.
Pietro Labriola will receive a compensation in line with the Company’s remuneration policy.