Telecom Italia’s network chief plans to step down, in a move that could further complicate the company’s efforts to spin off its vast and valuable landline network, according to people familiar with the matter.
Stefano Siragusa, who joined Telecom Italia as its infrastructure chief in 2018, is expected to leave the company as soon as this week, the people said, asking not to be identified as the plan is not public.
The company “has not made any announcement regarding the matter at this time,” it said in a press release today.
Telecom Italia is seeking to speed up its business turnaround through a divestment plan that will see the former phone monopoly hand over control of its most valuable asset.
Earlier this month, the company’s board instructed Chief Executive Pietro Labriola to cede control of its network and reduce its gross debt by more than 30 billion euros ($30.7 billion), splitting the phone operator into various separate units and looking to attract new partners.
However, the collapse of the coalition government under Prime Minister Mario Draghi could delay that plan.
Lambriola has stated that unbundling the network is a top priority. His plan calls for the majority stake to be given to a group of investors led by state lender Cassa Depositi e Prestiti SpA, KKR & CO. and Macquarie Group Ltd., and then its merger with smaller competitor Open Fiber SpA.
Source: Capital
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