Telecom Italia picks former Brazilian unit executive Calaza as CFO – sources

MILAN (Reuters) – Telecom Italia (TIM) has picked former Brazilian unit executive Adrian Calaza as its new chief financial officer, reuniting him with new CEO Pietro Labriola, two sources close to the matter said on Monday.

A former chief financial officer at TIM’s Brazilian subsidiary, Calaza will take over the new role from current Telecom Italia CFO Giovanni Ronca starting March 1, the sources said, adding an announcement is expected later in the day.

Labriola also worked for the Brazilian subsidiary.

Telecom Italia (TIM) directors are meeting on Monday to discuss a plan to reorganise Italy’s biggest telecoms group as Labriola tries to forge an alternative to a takeover approach by U.S. fund KKR.

Debt-laden TIM was forced to issue three profit warnings last year, partly due to a lower-than-expected revenue contribution from a deal with DAZN to show soccer matches in Italy and stiffer competition in its domestic business.

Ronca will sign off Telecom Italia 2021 full-year annual results before leaving the group, the sources added.

(Reporting by Elvira Pollina; Editing by Keith Weir)