Vivendi CEO leads its Telecom Italia board nominations

Vivendi put forward ten candidates for election to the Telecom Italia board, including CEO Arnaud de Puyfontaine (pictured) at the head of its list, a move which would usually indicate him as its preferred chairman.

Inline with widespread media reports last week, the French company – the largest single shareholder of Telecom Italia – is attempting to gain a majority on the board with its lengthy nomination list.

Also proposed were Vivendi CFO Herve Philippe, Vivendi Group general counsel Frederic Crepin and Telecom Italia’s current chairman Giuseppe Recchi – placed fourth on its nomination statement.

Vivendi also proposed the reduction of the number of board members from its current level of 16 to 15.

Earlier in April, reports emerged the company was set to propose five French representatives onto the committee, alongside five “high standing” Italians. In its final proposal the company proposed four French members, five Italians and one UK-born executive.

Shareholders will vote on the new board members and structure on 4 May.

Assuming control
Its nomination filing follows reports by Reuters Vivendi had informed the European Commission (EC) it could assume de facto control of Telecom Italia in May, a move which would require sign-off by the EC.

Amid the speculation on the future direction of Telecom Italia and potential identity of its new chairman, the operator’s CEO Flavio Cattaneo confirmed he would stay on in his role whatever the outcome.

His comments follow media reports Cattaneo may step down if de Puyfontaine assumed the role of chairman.