Telecom Italia: Luigi Gubitosi appointed as new CEO

(CercleFinance.com) - Telecom Italia said on Monday that it has appointed Luigi Gubitosi as its new chief executive officer, replacing Amos Genish, who was dismissed last week.


Aged 57, Gubitosi was CEO of Italian TV broadcaster RAI between 2012 and 2015, after acting as country manager for Bank of America Merrill Lynch in Italy in 2011.

Prior to that, he was CFO at telecoms business group Wind Telecomunicazioni and Italian car maker Fiat.

Last week, TIM's board of directors deliberated by a majority vote to dismiss, with immediate effect CEO Amos Genish, who had been appointed by previous reference shareholder Vivendi.

Telecom Italia said that Genish failed to achieve targets that were set out in the strategic plan which he had drawn up, prompting the group to make some write-downs.

The US investment fund Elliot is now TIM's reference shareholder.

Telecom Italia shares were up 4.2 percent in Milan after the appointment.

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