Telecom Italia SpA (TI) will appoint Vivendi SA (VIV.FR) Chief Executive Arnaud De Puyfontaine as chairman at a board meeting Thursday, according to a person familiar with the situation, as the French media conglomerate increases its control over Italy's dominant telecommunications group.
Mr. De Puyfontaine, currently Telecom Italia's deputy chairman, was widely expected to be promoted to the top spot once Vivendi got regulatory approval for its partial takeover of the Italian company. The greenlight came this week when the European Union signed off provided Telecom Italia sells its stake in a broadcasting company, a condition Vivendi accepted.
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Giuseppe Recchi, Telecom Italia's current chairman, will become deputy chairman, according to the person familiar with the matter.
Vivendi owns 24% of Telecom Italia and tightened its grip on the former Italian telephone monopoly a month ago by appointing a majority of the company's board. Vivendi's slate of board members includes Mr. De Puyfontaine as well as the French company's chief financial officer and general counsel.
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(END) Dow Jones Newswires
June 01, 2017 09:34 ET (13:34 GMT)