U.S. Markets open in 2 mins

TIM Participacoes CEO resigns, airline executive to replace him

SAO PAULO, July 20 (Reuters) - TIM Participacoes SA Chief Executive Stefano de Angelis has resigned and will be replaced by Sami Foguel, an executive at airlines Azul SA and TAP Transportes Aereos Portugueses SGPS SA, Brazil's third-largest wireless carrier said.

The company, a unit of Telecom Italia SpA, said in a securities filing that De Angelis had stepped down "due to the expiration of his two-year expatriate agreement."

Foguel has served as the vice president of customer operations at Azul since 2014 and as chief operating officer at TAP since 2017, TIM said. He will assume the CEO position on July 23.

De Angelis will remain on the board, TIM said. (Reporting by Gram Slattery Editing by Chizu Nomiyama)