(Bloomberg) -- A minority investor in Telecom Italia SpA is considering to table an alternative slate of candidates for the company’s board, a move aimed at challenging the current phone carrier’s top management.

Merlyn Partners SCSp, an investment firm led by former JPMorgan Chase & Co. banker Alessandro Barnaba, could present the project at the firm’s annual meeting on April 23, according to people briefed on the matter. 

The move would dispute the renewal of Chief Executive Officer Pietro Labriola who is due to be confirmed for a new term.

Merlyn could also unveil an alternative business plan aimed at accelerating the phone carrier’s assets disposal strategy, potentially including Telecom Italia’s fast growing Brazil unit, the people said, asking not to be mentioned citing confidential plans. 

A spokesperson for Merlyn wasn’t immediately available for a comment. The company said earlier Tuesday that it owns a 0.53% stake in Telecom Italia, the threshold for an investor to present its own list of candidates. 

Still, Barnaba’s plan would back the landmark sale of Telecom Italia’s network, a €19 billion deal signed last year which is currently waiting for European watchdogs clearance, they added.

The network sale is a crucial element of Labriola’s plan to cut debt and reassure investors on the company’s outlook. Telecom Italia shares slumped earlier this month as investors raised concerns over a higher-than-expected debt forecast for the end of 2024.

It is not the first time that the minority investor challenges Labriola’s strategic decisions for Telecom Italia. Last October Barnaba presented a plan to halt the sale of Telecom Italia network and replace the company’s chief executive officer, a plan which was not completed.

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