Telecom Italia Plays Down CEO Speculation Ahead of Sunday Meeting
November 15 2018 - 6:58AM
Dow Jones News
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 pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 15, 2018 06:43 ET (11:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Telecom Italia (NYSE:TI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Telecom Italia (NYSE:TI)
Historical Stock Chart
From Sep 2023 to Sep 2024