je.st
news
Vivendi move to drop board reshuffle bid 'courageous' - TIM CEO
2019-04-01 09:28:00| Telecompaper Headlines
(Telecompaper) The chief executive of Telecom Italia (TIM) Luigi Gubitosi has described the decision of leading shareholder Vivendi to withdraw its proposal to replace five board members at the Italian operator as "courageous" and a first move towards peace. US fund Elliott seized control of the board of directors in May, when 10 of its proposed independent candidates were appointed, together with 5 Vivendi-nominated directors, in a 15-strong board. However, Vivendi subsequently called for the removal of TIM chairman Fulvio Conti and four other Elliott-appointed directors on grounds of a "substantial lack of independence" and for conspiring to replace TIM CEO Amos Genish, a former Vivendi executive, a motion it revoked just ahead of the 29 March shareholders meeting.
Tags: board
move
drop
bid
Category:Telecommunications