YOU ARE AT:AmericasAndrea Mangoni to step down as TIM Brasil CEO; net profits surge...

Andrea Mangoni to step down as TIM Brasil CEO; net profits surge 16% in Q4

Now two telecom operators in Brazil are looking for new CEOs. Following the announcement of Oi CEO Francisco Valim’s departure in January, the No. 2 mobile phone company in Brazil, TIM, said that CEO Andrea Mangoni will step down March 4. Mangoni was named CEO less than a year ago replacing Luca Luciani, who resigned in the wake of allegations that TIM’s parent company, Telecom Italia, exaggerated its customer base through irregular SIM card use in Italy.

It is expected that Rodrigo Abreu, currently Cisco Brazil’s president, will be the next CEO at TIM, though the operator has not commented on its plans.

In a statement, Mangoni said he had fulfilled his mission by overseeing the smooth transition in management of the company. The board said that it plans to appoint a new CEO “as soon as possible.”

Mangoni’s resignation comes on the same day that TIM reported its fourth quarter and full year results for 2012, posting a consolidated net profit of $232.6 million (R$462.6 million) during Q4, up 16.3% compared with the previous year. For the full year, the company’s net profit increased 13.4% compared to 2011.

As for 2013, TIM said that it has all the conditions in place to focus on sustainable growth, while maintaining innovation and transparency as the company’s core values

Earlier this year, Oi, Brazil’s No. 4 mobile carrier, announced Francisco Valim was no longer the company’s CEO. Valim was replaced temporarily by chairman José Mauro Mettrau Carneiro da Cunha.

ABOUT AUTHOR

Editorial Reports

White Papers

Webinars

Featured Content