On Friday, activist fund Elliott wrestled control from TIM’s lead shareholder Vivendi, winning a shareholder vote to appoint two-thirds of the seats on the board.
“Vivendi is pleased that the board of directors, during its meeting today, appointed Amos Genish CEO of Telecom Italia,” Vivendi, the largest TIM shareholder with 23.94 percent of the ordinary shares, said.
Vivendi said it reaffirmed its long-term commitment to TIM and added it supported the 2018-2020 industrial plan announced by Genish on March 12, which was unanimously approved by the board.
Vivendi said it would monitor that the plan was “coherently implemented in its entirety” and that measures taken to improve TIM’s profitability were continued.
Reporting by Geert De Clercq, Editing by Sarah White