Telecom Italia chair set to leave job as Vivendi readies legal battle

MILAN: Telecom Italia (TIM) Chairman Salvatore Rossi will not seek another mandate as head of the former phone monopoly’s board when his stint ends next year, the executive told Reuters on Wednesday, confirming an earlier source-based report.

Rossi’s decision comes after TIM approved a 19-billion euro sale of its prized fixed-line grid to U.S. fund KKR, a move opposed by TIM’s top investor Vivendi, which is expected to challenge it in court.

Rossi, a former senior official at the Bank of Italy, is set to inform directors of his plans on Thursday, according to a source briefed on the matter.