Telecom Italia: former CEO leaves board in latest twist
(CercleFinance.com) - Telecom Italia announced board changes late on Thursday, in which former CEO Amos Genish will leave the company, another step in the Italian phone group's ongoing strategic reshuffle.
During a meeting in Rome yesterday, the board approved to replace him by co-opting, by a unanimous vote, Frank Cadoret, an executive of French media giant Vivendi.
In a statement, the board welcomed a "renewed dialogue" between shareholders, considering that Vivendi and TIM's current reference shareholder, the US asset manager Elliott, have for a long time been fighting to control the group.
The telecoms group believes the co-opting should lead to a "shared and finally stable governance."
As part of a settlement agreement with its former Chief Executive Officer, TIM has granted Amos Genish the lump sum of 4.2 million euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
During a meeting in Rome yesterday, the board approved to replace him by co-opting, by a unanimous vote, Frank Cadoret, an executive of French media giant Vivendi.
In a statement, the board welcomed a "renewed dialogue" between shareholders, considering that Vivendi and TIM's current reference shareholder, the US asset manager Elliott, have for a long time been fighting to control the group.
The telecoms group believes the co-opting should lead to a "shared and finally stable governance."
As part of a settlement agreement with its former Chief Executive Officer, TIM has granted Amos Genish the lump sum of 4.2 million euros.
Copyright (c) 2019 CercleFinance.com. All rights reserved.