Tim, Salvatore Rossi appointed president



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Salvatore Rossi is the new president of Tim. The appointment of the economist, former general manager of the Bank of Italy, was made unanimously by the board of the telephone group, which accepted the proposal formulated by the nomination committee. The co-optation will have to be confirmed in the first useful assembly, probably the one on the balance sheet next spring.

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Rossi, who joins the board of directors as an independent director, represents a guarantee for all shareholders and will have the
task of helping to recreate a constructive climate within Tim that, under the management of the administrator
delegate Luigi Gubitosi, is slowly leaving behind the stormy season of the clashes between Elliott and Vivendi. The American fund and the French media company have in fact the common goal of relaunching the title, which is giving disappointment to both, following a route that should lead to the merger between Tim's fixed network and Open Fiber, so as to satisfy the will of the government, which has put the CDP in place, to create a single network for Italy.

«For us the theme of the single network is fundamental, because we must bring the country into the future. We have so many areas where we do not have an adequate connection and we cannot afford it, "said the deputy minister of the Mise, Stefano Buffagni, last Friday. "A united board is decisive" for the company's prospects, Mediobanca's analysts commented that "joint efforts between public and private to lay the fiber
could speed up the process and save money ».

According to Piazzetta Cuccia, the acquisition of 50% of Oper Fiber could be financed by the issue of new shares at a «fair» subscription price, higher than the stock price, while a private equity fund could acquire 50% of the It is in the. "Governance and evaluation are key issues to be discussed and are crucial to closing an operation that could unleash significant value". Before arriving at the single network, it will be necessary to proceed with the conversion of savings shares into ordinary shares. A move that intends to simplify the capital structure, freeing up 170 million euro of dividends for savings in favor of all the shareholders, but which would avoid the risk of a bid against Cdp, if it were to give its share of Open Fiber should it be found to exceed 25% of the capital. "The sooner we do, the better," the CEO Luigi Gubitosi said on the occasion of the
presentation of first-half accounts. And who knows, maybe the topic doesn't come back to the accounts on November 7th.

Returning to Rossi, global economist, and essay for the then President of the Republic Napolitano, he spent most of his professional life in the sign of the Bank of Italy of which he was general manager until 9 May 2019. Born in Bari on 6 January 1949, graduated in mathematics, Rossi entered the Central Institute of Palazzo Koch in 1976 first at the Milan Office of the Vigilance Office, then at the Research Department in 1979. He became Head of the Research Department in 2000, a position he held until 2006, Director Central for Economic Research and International Relations from 2007 to 2011, Secretary General and Director of the Directory for Economic Policy Issues in 2011, Deputy Director General of the Bank of Italy from January 2012 to May 2013.

In 2013 he was part of the "Working Group on economic – social and European matters" (so-called "Group of wise men") established by the President of the Republic Giorgio Napolitano. He was General Manager of the Bank of Italy and President of the Institute for Insurance Supervision (Ivass) from 10 May 2013 to 9 May 2019.

Member of the Board of Directors of the Foundation of the International Center for Monetary and Banking Studies (ICMB) in Geneva, of the Governing Council of the Einaudi Institute for Economics and Finance (Eief), of the Istituto Affari Internazionali (Iai), of the Advisory Board of the 'Italian Association of Private Equity and Venture Capital (Aifi), of the Board of Directors of the Giovanni Agnelli Foundation and Senior Fellow of the Luiss School of European Political Economy. Member of the Steering Committee of the Giorgio Fua Foundation and of the Advisory Board of the Tor Vergata Economics Foundation.

Rossi is the author of numerous publications, including: The balance of payments: Italy's foreign accounts, the lira, the problems of the European monetary union with R.S. Masera, Cedam, Padua, 1993; Italian economic policy 1968-1998, Laterza, Rome – Bari, 1998; The queen and the horse. Four moves against the decline, Laterza, Rome – Bari, 2006; Controtempo. Italy in the world crisis, Laterza, Rome – Bari, 2009; Finance Process, Laterza, Rome – Bari, 2013; What Italy can do, with A. Giunta, Laterza, Rome – Bari, 2017. Rossi's latest book is dedicated to the most precious of the elements investigating the centrality of the world economic system: Oro, Il Mulino, Bologna , 2018.

Last updated: 19:02


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