Telecom Italia (TIM) has parted company with chief executive Amos Genish as the boardroom battle between shareholders Vivendi and Elliott Advisors intensifies. Genish was appointed by Vivendi in September 2017, when the French firm still had control of TIM’s board, but his position was called into doubt once Elliott won a shareholder vote in May this year which allowed it to nominate ten of TIM’s 15 board members. Although Elliott initially gave a vote of confidence to Genish, an extraordinary board meeting yesterday (Tuesday 13 November) voted to remove him as CEO, transferring his powers to TIM’s chairman until a new chief executive is appointed.
TIM, which is struggling with a large debt burden, recently reported a third-quarter net loss of EUR868 million (USD977 million), negatively impacted by a EUR2 billion write-down on the goodwill of its Core Domestic business unit. In October this year the company agreed to pay EUR2.41 billion for 5G wireless spectrum in Italy.