Telecom Italia Reappoints CEO, Names New Chairman

   By Pietro Lombardi and Marc Navarro Gonzalez 
 

Telecom Italia SpA (TIT.MI) reappointed Amos Genish as chief executive and named Fulvio Conti as its new chairman, the company said late Monday.

The company said the board unanimously backed the appointment of Mr. Genish and Mr. Conti.

The appointments come a few days after American activist fund Elliott Management Corp. scored a win in its long-running power struggle with Telecom Italia's majority shareholder Vivendi SA (VIV.FR), taking over two-thirds of the company's board in a shareholder vote on Friday.

Fulvio Conti, a former manager at Telecom Italia, was one of the members Elliott placed on Vivendi's board.

"Today, we have confirmed our full confidence in Amos Genish and his management team that we will support in the implementation of the 2018-2020 strategic plan," Mr. Conti said in a statement.

Vivendi said in a statement that it reaffirmed its "long-term commitment" for Telecom Italia and that it supported the industrial plan announced by Amos Genish earlier this year.

Elliott began building a stake in Telecom Italia months ago and has challenged France's Vivendi, which has a 24% stake in the operator, for influence on the company.

Write to Pietro Lombardi at [e-mail] and Marc Navarro Gonzalez at [e-mail]

(END) Dow Jones Newswires

May 08, 2018 01:27 ET (05:27 GMT)

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