Olivetti shares, which began trading two hours after the rest of the Italian market opened, rebounded from record lows and triggered an automatic suspension after hiting a 10 per-cent trading limit.
Olivetti said it had called the board meeting for 1600 GMT but gave no details of what was on the agenda.
Financial daily Il Sole 24 Ore said chief executive Francesco Caio was likely either to resign or to be ousted only three months after taking up the post. Olivetti's former chairman Carlo De Benedetti, still the biggest shareholder in the company, was reported by Il Sole to be the prime mover behind a plan to eject Caio.
De Benedetti was himself forced off the board only 15 days ago after a showdown with Caio, his former assistant, but is now widely reported to be thirsting for revenge.
The meeting follows hot on the heels of a lengthy statement issued earlier in the day in which Olivetti gave details of its affairs in response to a demand by stock market regulator Consob for answers to 16 key questions on its finances.
Olivetti's reply left equity analysts none the wiser as to the true financial state of the loss-making company. Olivetti said it could not divulge confidential information about talks under way on future divestments or strategic accords.
It also said it could not state its consolidated financial situation for the end of August 1996 until the first week of October. It set a value on its stock of computer hardware without detailing