Telecom Italia (TIM) CEO Luigi Gubitosi survived a boardroom showdown on Thursday at a meeting sought by top investor Vivendi following two profit warnings in three months at Italy's former phone monopoly.
Vivendi has called into question Gubitosi's role and sources close to the matter had said sparks could fly on Thursday.
Discussions were tense, two people with knowledge of the matter said, adding Vivendi would continue to pressure the CEO to address the debt laden group's issues.Having failed to stem a steady revenue decline in TIM's crowded domestic market, Gubitosi has outlined to the board plans to squeeze cash out of the group's assets, including its prized fixed-line grid that supplies services to millions of Italian households and businesses.
TIM also said in Thursday's statement no negotiations were ongoing over its network or other strategic assets. TIM's network assets are deemed strategic by the government, and Treasury-owned CDP has built a 9.8% stake in the group to oversee them and help counter Vivendi's influence.
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