Frank Cadoret, one of two board members representing top investor Vivendi (VIV.PA) in Telecom Italia (TLIT.MI) (TIM), resigned for “personal reasons”, the Italian group said on Thursday.
The former phone monopolist first announced that Cadoret was leaving the board on Wednesday, but initially gave no explanation for the decision.
Cadoret, who had been on TIM’s board since 2019, earlier this month stepped down as director general of Vivendi unit Canal+ in charge of France.
TIM, through Chairman Salvatore Rossi, on Wednesday thanked the French manager “for his contribution to the company over the years.”
Vivendi has clashed with Rossi, a former Bank of Italy official, over corporate governance issues on several occasions.
Vivendi declined to comment on Cadoret’s departure.
The other Vivendi representative on TIM’s board is the French media conglomerate’s chief executive, Arnaud de Puyfontaine.
On Wednesday, two people familiar with the matter said TIM could call a board meeting on Nov. 30 to find a replacement for former board member Luca de Meo, who left in September.