financetom
Business
financetom
/
Business
/
CEO of KKR-backed FiberCop steps down ahead of new strategy plan
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CEO of KKR-backed FiberCop steps down ahead of new strategy plan
Jan 23, 2025 1:36 PM

MILAN, Jan 23 (Reuters) - The head of FiberCop has

stepped down after less than seven months at the helm of the

Italian fibre optic grid operator controlled by U.S. fund KKR

, the company said.

Reuters had reported earlier on Thursday that FiberCop CEO

Luigi Ferraris had resigned.

FiberCop said in a statement that it would start looking

for a new chief executive. Meanwhile Chairman Massimo Sarmi and

a team of managers would lead the company, it added.

FiberCop was spun-off from former phone monopoly Telecom

Italia (TIM) in July, when a KKR-led consortium

completed an 18.8 billion euros ($19.6 billion) buyout of the

unit, which manages fibre cables stretching over 25 million

kilometres across Italy.

As part of the deal, Italy's Treasury took 16% of the

wholesale-only connectivity provider, which is the main piece of

Italy's telecoms infrastructure and employs some 20,000 people.

At the time, the leadership was entrusted to Ferraris, a

veteran manager who has held top positions at a number of

Italian state-backed companies, including the national railways

and utility Enel.

Ferraris, 62, had been drawing up FiberCop's business plan,

which the company is due to present early this year.

FiberCop gave no reason for his departure.

Two people close to the matter told Reuters that

Ferraris had been caught in a complex situation in which

boardroom disagreements over strategy and operations were

coupled by a difficult relation between FiberCop and its main

client, Telecom Italia.

Based on FiberCop's governance rules, the CEO is picked

by KKR with a green light by the Treasury.

($1 = 0.9593 euros)

(Reporting by Elvira Pollina; Editing by Valentina Za)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Amazon targets faster deliveries and buying with new tech
Amazon targets faster deliveries and buying with new tech
Oct 10, 2024
NASHVILLE, Tennessee, Oct 9 (Reuters) - Amazon ( AMZN ), in its quest for greater efficiency, has developed new systems to shave seconds off each package delivery and to help customers make faster buying choices, even for new product types that they may know little about. Amazon ( AMZN ) announced on Wednesday it had created spotlights within its trucks...
Whitestone REIT Shareholder MCB Real Estate Increases Takeover Offer
Whitestone REIT Shareholder MCB Real Estate Increases Takeover Offer
Oct 10, 2024
10:01 AM EDT, 10/09/2024 (MT Newswires) -- Whitestone REIT ( WSR ) shareholder MCB Real Estate said Wednesday that it sent a letter to Whitestone's board, increasing its offer to acquire the real estate investment trust to $15 per share in an all-cash transaction. The bid is higher than MCB Real Estate's previous offer of $14 per share, which Whitestone...
Longeveron to Present 5-Year Survival Data for Hypoplastic Left Heart Syndrome Therapy
Longeveron to Present 5-Year Survival Data for Hypoplastic Left Heart Syndrome Therapy
Oct 10, 2024
10:07 AM EDT, 10/09/2024 (MT Newswires) -- Longeveron ( LGVN ) said Wednesday that its submission titled Long-term Transplant-free Survival Is Improved In Hypoplastic Left Heart Syndrome With Cell-based Therapy was selected for presentation at the annual Congenital Heart Surgeons' Society meeting to be held in Chicago starting Oct. 27. The presentation will feature 5-year survival data from the ELPIS...
LendingClub, Pagaya Acquire Assets of Tally Technologies
LendingClub, Pagaya Acquire Assets of Tally Technologies
Oct 10, 2024
10:09 AM EDT, 10/09/2024 (MT Newswires) -- LendingClub ( LC ) and Pagaya Technologies ( PGY ) have partnered to acquire the intellectual property of Tally Technologies, which simplifies credit card management, the companies said Wednesday. LendingClub ( LC ) plans to integrate Tally's platform to enhance its member engagement strategy, while Pagaya ( PGY ) will incorporate Tally's technology...
Copyright 2023-2026 - www.financetom.com All Rights Reserved