Piergiorgio Peluso was reappointed TIM CFO, replacing outgoing Adrian Calaza, in a significant structural and ownership change backed by the state.

Piergiorgio Peluso will be reappointed as Chief Financial Officer (CFO) of Telecom Italia (TIM), according to sources used to the situation. Peluso has been the CFO of the Autostrade per l'Italia since 2020, but he was the CFO of the TIM until 2019.

His appointment is because of the imminent departure of the sitting chief financial officer, Adrian Calaza, later this year. Calaza had joined TIM as CFO in 2022, in the wake of the sale of its fixed-line network in Italy last year to a consortium led by KKR for 14 billion euros.

It is indicated that Peluso will be announced on August 5 when TIM holds its board meeting to endorse the results of the first six months. Although TIM and Autostrade per l'Italia refused to comment, the appointment signifies a restructuring of TIM's management as the company undergoes a series of structural transformations.

The change of CFO is also related to it, as TIM has returned to state-backed ownership after Poste Italiane was purchased to become its major shareholder, having 24.8%. Having worked as CFO in the past, the financial experience and insights of Peluso are likely to add much-needed stability in the current transformation of TIM.