Despite challenges from investment companies Merlyn Partners and BlueBell Capital Partners, Pietro Labriola was re-elected as CEO of Telecom Italia for a second term. This signifies strong support for the sale of the operator’s fixed network assets, which are valued at €18.8 billion.
The sale aims to reduce Telecom Italia’s debt load. Despite opposition from Vivendi, the operator’s largest shareholder holding 24 percent, they abstained from voting on the matter. Labriola’s victory in the shareholder vote demonstrates widespread approval for this strategic decision.
During the annual meeting, Labriola’s slate of candidates won six out of nine seats on the board of directors. This indicates that shareholders are confident in his leadership and strategy going forward. Merlyn Partners and BlueBell Capital Partners, with a 0.5 percent stake each in Telecom Italia, have criticized the operator’s current strategy and its plan to offload assets to KKR through NetCo. However, their opposition was not enough to stop Labriola from being reelected as CEO.