MILAN (Reuters) - The board of directors of Telecom Italia (TIM) (TLIT.MI) has appointed former Bank of Italy Deputy Governor Salvatore Rossi as chairman, TIM said on Monday.
Rossi, 70, served as the Bank of Italy No.2 until May this year and has also headed the domestic insurance industry watchdog. He had been tipped to take over as TIM chairman following the departure of former chairman Fulvio Conti.
TIM’s board voted unanimously the appointment of Rossi, TIM said in a statement after a board meeting on Monday.
Conti stepped down as chairman last month, following tensions between the group’s main shareholders. Announcing his intention to leave, he said he was considering the move “in light of the renewed climate of trust” within the board and between the company’s shareholders.
Conti was appointed TIM chairman in May 2018 with the backing of U.S. activist fund Elliott.
He soon became embroiled in a dispute with TIM’s top shareholder Vivendi, which accused him of favoring Elliott in a protracted boardroom battle - something he repeatedly denied.
Reporting by Elvira Pollina; editing by Philippa Fletcher