Telecom Italia Plays Down CEO Speculation Ahead of Sunday Meeting

   By Pietro Lombardi 
 

Telecom Italia SpA (TIT.MI) on Thursday called speculation on a potential new chief executive premature, two days after the company dismissed former CEO Amos Genish.

"With reference to rumors about the appointment of the new chief executive officer, TIM hereby specifies that the nomination and remuneration committee is still underway," it said Thursday. "Any resolution is completely premature."

Various media reports have mentioned Fiat Chrysler Automobiles NV's (FCA.MI) former executive Alfredo Altavilla as a leading candidate to replace Mr. Genish. Mr. Altavilla is an independent director on Telecom Italia's board.

The company's board will meet on Nov. 18 regarding a new CEO appointment.

Telecom Italia sacked Mr. Genish on Tuesday, a step that marked the culmination of a monthslong tussle between its two main shareholders, Vivendi SA (VIV.FR) and Elliott Management Corp.

The management conflict and uncertainty over the company's business plan have weighed on the stock, Morgan Stanley analysts said after Mr. Genish's dismissal. Telecom Italia shares are down about 28% so far this year.

Mr. Genish was the second chief executive to guide the company in little more than a year. Last summer, Flavio Cattaneo resigned after relations with Vivendi soured, having held the top position for about a year.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

November 15, 2018 06:43 ET (11:43 GMT)

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