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What the new Labour government means for your money

Now that the dust has settled on the election we can take stock of what a Labour win will mean for your finances

Italy's INWIT elevates CFO Galli to general manager role

Reuters
·1-min read
FILE PHOTO: The logo of INWIT is seen outside their offices in Rome

MILAN (Reuters) - INWIT on Friday promoted chief financial officer Diego Galli to the role of general manager as part of a new governance setup following the sale of most of Telecom Italia's stake in Italy's top telecom towers firm.

Earlier this year Telecom Italia (TIM) agreed to sell a 12.4% indirect stake in Milan-listed INWIT to French investment firm Ardian, which became the company's second largest investor behind Vodafone.

The deal triggered a far-reaching board reshuffle and the resignation of chief executive officer Giovanni Ferigo.

Under an initial plan, Ferigo would have been replaced by a new CEO identified by Vodafone.

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But all candidates approached during a search process failed to reach an agreement on taking the job, sources familiar with the matter said, indicating non-compete clauses among other hurdles.

A former Vodafone executive, Galli has been INWIT's head of finance since 2020.

(Reporting by Elvira Pollina; Editing by Keith Weir)