(Bloomberg) -- Telecom Italia SpA Chief Executive Officer Pietro Labriola said he is committed to seeing through the phone carrier’s turnaround plan after he slashed its debt load in a landmark deal to sell its network this year.

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“My team and I are 100% focused on delivering a plan that will let Telecom Italia return to growth in the next years,” Labriola told Bloomberg in an interview Tuesday, dismissing local reports that he could resign.

Telecom Italia in July completed the sale of its network to US private equity firm KKR & Co. in a deal that valued the grid at as much as €22 billion ($24 billion). By selling its most valuable asset, Telecom Italia slashed its debt pile and streamlined the company to compete in one of the world’s most competitive markets for phone carriers.

Labriola said his plan had stabilized Telecom Italia financially and laid the foundations for a leaner model that is better suited to addressing the telecommunication industry’s future challenges.

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