Telecom Italia Board Said to Meet Nov. 11 at Vivendi’s Request
- Vivendi asked for an extraordinary meeting after outlook cut
- Telecom Italia Chief wants to accelerate turnaround plan
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Telecom Italia SpA’s board will meet Nov. 11 as requested by France’s Vivendi SA, its largest shareholder, after stunning investors with a surprise guidance cut this week, people familiar with the matter said.
The extraordinary meeting will focus on a potential reorganization and on strategies to revive the phone carrier’s fortunes, including reviewing options for the network, the people said, asking not to be named discussing confidential deliberations. Vivendi wants Chief Executive Officer Luigi Gubitosi to accelerate turnaround plans after the disappointing profit outlook.