Israeli CEO of Telecom Italia Ousted in Boardroom Coup
Activist investor Elliott won control of the board in May. Israeli-born Amos Genish was appointed as the company’s CEO 14 months ago
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TIM is carrying a heavy debt of almost $30 billion and has lost around a third of its stock value since Genish was put at the helm, continuing a downward trend that started in 2015.
Genish was in South Korea at the time of the board's decision. TIM announced that the board will meet on Sunday to name a new CEO but made no further comment on the matter beyond thanking Genish for his work.In a statement given to Bloomberg, Vivendi said the ousting was deliberately planned “to create maximum destabilization,” calling the move “cynical.”