During the annual meeting, Pietro Labriola was re-elected as CEO of Telecom Italia for a second term. Despite opposition from investment companies Merlyn Partners and BlueBell Capital Partners, who won two and one seat respectively, Labriola’s slate of candidates won six out of nine seats on the board of directors.
Despite challenges from these investment companies, who have criticized the operator’s current strategy and its plan to offload assets to KKR through NetCo, Labriola’s reelection signifies strong support for the sale of the fixed-line business. The sale of these assets, valued at €18.8 billion, aims to reduce Telecom Italia’s debt load.
Even though Vivendi, the operator’s largest shareholder holding 24 percent, abstained from voting on the matter, Labriola’s victory in the shareholder vote demonstrates widespread approval for this strategic decision. With his reelection, Labriola continues to lead Telecom Italia towards a brighter financial future by implementing his strategy to sell off non-core assets and reduce debt.