Pietro Labriola
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He lived in Ipanema with his wife Simone, not really a sad place. He has been commuting between Milan and Rome for a month, but he could return to Rio de Janeiro without regrets, says those who know him, if things turn out differently from forecasts. Pietro Labriola, CEO of Tim Brasil, was appointed general manager of Tim on November 26, by a board that at the same time he accepted the resignation as CEO of Luigi Gubitosi, who left abruptly. For 20 years in Tim, defined by his friends as determined, gritty, engaging, with a strong grip on employees, Labriola has been the favorite to succeed the former RAI general manager. Famous in his circle for different tattoos, he loves young sports like skateboarding and snowboarding. In Italy perhaps he has fewer relationships than in Rio, but one who knows how to learn.
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Art and grades
He is said to have brought discipline to Brazil. After all, he appreciates contemporary artists such as Vik Muniz, who recycles landfill material. A bit of the work he should do, transforming wood into gold, if he became CEO of the former Telecom that with five seats changed in ten years risks making the factory name of the CEOs: after Franco Bernab, in his second mandate in 2007-2011, followed by Marco Patuano (an internal career) from 2011 to 2016, Flavio Cattaneo (formerly Terna) from 2016 to 2017, Amos Genish (expression of the French partner Vivendi) from 2017 to 2018 and Gubitosi from 2018 to last November . According to sources, Vivendi, the first shareholder of the telephone company, was welcome, Labriola could also get the green light from the other two souls in Tim’s board, the CDP which has 10% and the independent directors headed by Paola Sapienza. The meeting with the trade unions, scheduled for January 12, legitimizes the forecasts of a coronation.
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Head hunters
But nothing decided and Spencer Stuart continues with interviews with other potential candidates. Probable the convening of a board for the appointment by January 26. news of the last hour the request for an urgent convocation of an extraordinary council, I know said for January 12, by some directors to the president Salvatore Rossi.
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The offer Kkr
Of course you have to hurry, whether you want to deal with the white knight Kkr whether, in any case, you want to relaunch the telephone company towards a new future (revenues down 2.2% in the first nine months of 2021 to 11.4 billion, -14.1% gross margin to 4.4 billion ). In November the American fund proposed to take over Tim, with a non-binding expression of interest, at € 0.505 per share. A value never reached by the stock in the last two years, while the company’s debt exceeds 17 billion.
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The auctions
All while preparing the auctions to digitize Italy by 2026, with Pnrr funds. Calls for wiring the gray areas, those in competition, should be made public by the end of the month. Tim participates in it through the subsidiary Fibercop, which owns Kkr among the shareholders.
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The mandate
Labriola’s mandate would be broad: enhancement of assets, growth in revenues. The Apulian manager is working on the industrial plan, to be presented on 2 March. Among the points, the unsolved question of the single network for broadband, between Tim and Open Fiber (controlled by CDP). The argument seemed to have been closed after the minister Vittorio Colao, in Cernobbio, had unmarked. returned to the news after a statement by Giovanni Gorno Tempini, president of CDP, on 4 January.
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The assumptions about the network
Among the hypotheses of observers there is that Kkr, having joined Tim, could put the network on the market. Cdp could at that point have the majority, by converting the Tim shares and conferring Open Fiber. But not said that the possible offer of Kkr will be accepted, given the high values to which the shareholders hold the stock, and for the stew the fund would need two thirds of the votes in the extraordinary meeting. Rather, the reorganization at the top can restart the dialogue on the network between the TIM members. Of course, for Cdp, each plan must be consistent with the government’s objectives: to maintain strategic control over the network, to preserve technology and employment. Time counts. Short.
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You check it out
The development projects on the subsidiaries will then be addressed in the industrial plan. Like Noovle, data center for the cloud. Hypo? Transfer? Meanwhile, Tim’s project with Leonardo, Cdp and Sogei has been chosen as the favorite for the national Cloud. Or Telsy, cybersecurity: it can acquire customers, grow through external lines. Or Olivetti, which is repositioning itself as an Internet of Things company for digital payments, with connected cash registers and an agreement with Satispay.
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Former colleagues
In short, complicated work. But it seems that Labriola is equipped, for example: he knows how to react to the word network in an industrial way. Degree in Economics, a past in Infostrada, Boston Consulting, Cable & Wireless, France Telecom, the manager worked on the first plan of spinning the network into Telecom with Franco Bernab. Then he speaks the same language with his rival Open Fiber, which is not only now led by Mario Rossetti, another company man, but also has ex-colleague Francesco Nonno, who had the same role in Telecom, as director of regulation. And as head of purchases there is Stefano Paggi, former head of the Telecom network, another former colleague.
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Results and awards
With Labriola, Tim Brasil saw revenues rise by 18.5% in the first nine months of 2016-2021, the gross margin by 41%. And he earned medals. Last year was posted by Forbes among the best CEOs in Brazil. He won the Marshal Rondon Award from the Brazilian Ministry of Communications and the Institutional Investor plaque as the Best CEO of Latin America in the Technology, Media and Telecom area. In 2020 he was elected Communications Man by the Brazilian Association of Industry Companies. If they don’t appoint him as CEO, he goes back to Brazil, says a friend. Claro.
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