Autostrade CFO Peluso to return to Telecom Italia as finance chief, sources say

Piergiorgio Peluso, Chief Financial Officer of motorway operator Autostrade per l’Italia, is set to take over the top finance job at Telecom Italia (TIM) TIT, two sources told Reuters on Friday.

Peluso, 57, previously served as TIM's CFO for seven years until 2019. He will rejoin the former phone monopoly next month, the people said.

Spokespeople for TIM and Autostrade per l’Italia declined to comment.

TIM had been searching in recent months for a successor to current CFO Adrian Calaza, as he is expected to leave the company later this year, sources previously told Reuters.

Calaza, an Argentine national and former CFO of TIM's Brazilian unit TIMS3, took on the job of group finance chief in 2022.

He oversaw last year's landmark sale of TIM's fixed-line network to a consortium led by U.S. investment firm KKR KKR, a deal aimed at slashing the company's debt by 14 billion euros ($16.32 billion).

Peluso's return to TIM is expected to be announced on August 5, when TIM’s board meets to approve first-half results. He will assume the CFO role at a later date, one of the sources added.

In May, TIM returned to state-backed hands, with financial conglomerate Poste Italiane PST replacing France’s Vivendi as the company’s largest shareholder, with a 24.8% stake.

($1 = 0.8580 euros)