(Bloomberg) -- Vivendi SA, Telecom Italia SpA’s largest shareholder, is pushing for an extraordinary board meeting after the former Italian phone monopoly cut its earnings guidance through 2023, according to people familiar with the matter.

Vivendi is pressuring Chief Executive Officer Luigi Gubitosi to accelerate turnaround plans after the disappointing profit outlook. A group of directors led by Vivendi CEO Arnaud de Puyfontaine want chairman Salvatore Rossi to convene the meeting to discuss the plans, said the people, who asked not to be mentioned because the request is private.

Telecom Italia, the year’s worst performer on the Milan stock exchange, is “highly committed” to extract more value from its assets, starting from the landline grid,  said Gubitosi on a call with analysts on Thursday. The carrier’s network accounts for most of the company’s value, he added.

Representatives for Vivendi and Telecom Italia declined to comment. 

Gubitosi, a one-time Merrill Lynch banker, has been trying for the last two years to pull off a merger with state-backed Open Fiber. But Mario Draghi’s government has pushed back, due to concerns of a return to a telecommunications monopoly.

©2021 Bloomberg L.P.