The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi
Telecom Italia SpA’s head of network plans to resign, in a move that could further complicate the company’s efforts to spin off its vast and valuable landline grid, according to people familiar with the matter.
Stefano Siragusa, who joined Telecom Italia as its chief infrastructure officer in 2018, is expected to leave the company as soon as this week, the people said, asking not to be identified since that plan isn’t public.
The company "has not made any announcement on the matter at the present time,” it said in a press release on Sunday.
Telecom Italia is seeking to accelerate a turnaround of its business through an asset spinoff plan that would see the former phone monopoly give up control of its most valuable asset.
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Earlier this month, the company’s board gave a mandate to Chief Executive Officer Pietro Labriola to cede control of its grid and cut more than 30 billion euros ($30.7 billion) in gross debt by breaking the phone carrier up into several separate units and looking to attract new partners.
Still, the collapse of the coalition government led by Premier Mario Draghi could delay that project.
Labriola has said separating the network is a top priority. His plan calls for ceding a controlling stake to a group of investors led by state lender Cassa Depositi e Prestiti SpA, KKR & CO. and Macquarie Group Ltd., and then merging it with smaller rival Open Fiber SpA.
