Two European operators, TIM and Orange, have announced new CEOs in the past week. Pietro Labriola, CEO of TIM Brasil, has been promoted to the Group CEO role, to replace outgoing Luigi Gubitosi. The catalyst for Gubitosi to leave was a $12bn takeover bid for TIM from private equity group KKR, which was announced in November. Gubitosi was already under shareholder pressure after a series of poor financial results. Shortly after the offer from KKR, Gubitosi offered to stand down in order to expedite the company’s response to the takeover bid and TIM’s board appointed Labriola to prepare a turnaround plan and fend off KKR. Labriola reportedly presented his preliminary plan to the board last week, recommending that TIM spins…