(Alliance News) - Telecom Italia Spa announced Monday that Vivendi SA ceo Arnaud De Puyfontaine has resigned from his position as a member of TIM's board of directors, effective immediately.

Arnaud De Puyfontaine, reads a note from the company, explained "how, at this stage of constructive dialogue between TIM's main shareholders and the institutions under the leadership of the new government, it is essential that all parties are free to work constructively and transparently in the interest of the company and all its shareholders."

"In this sense," TIM added in the note, "he considers it appropriate to dedicate himself, as Chief Executive Officer of Vivendi SA, to re-establishing for TIM a path of growth and ensuring that the real value of the group and the network, in its uniqueness, are properly recognized.

Finally, the director confirmed that "TIM and Italy remain central to Vivendi's investment plans."

Arnaud de Puyfontaine is not reported to own any ordinary shares in TIM.

Telecom Italia on Monday trades in the green by 2.6 percent at EUR0.26 per share.

By Chiara Bruschi, Alliance News reporter

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