Ex-Telecom Italia CEO to Be Replaced by Canal Plus Executive After Resigning From Board

Date : 06/28/2019 @ 2:39PM
Source : Dow Jones News
Stock : Telecom Italia (TIT)
Quote : 0.536  0.0036 (0.68%) @ 11:35PM
Telecom Italia share price Chart

Ex-Telecom Italia CEO to Be Replaced by Canal Plus Executive After Resigning From Board

Telecom Italia (BIT:TIT)
Historical Stock Chart

6 Months : From Apr 2019 to Oct 2019

Click Here for more Telecom Italia Charts.

By Patrick Costello

 

Telecom Italia SpA (TIT.MI) said late Thursday that former Chief Executive Amos Genish has resigned from the board of the Italian telecoms operator and will be replaced by Canal Plus executive Frank Cadoret.

Mr. Genish's resignation follows a settlement agreement with the ex-CEO in which Telecom Italia granted him a lump sum of 4.2 million euros ($4.77 million) subject to claw-back. Mr. Genish won't receive any additional benefits or hold further rights toward the company, it said.

Telecom Italia said it welcomed the renewed dialogue that led to the unanimous appointment of Mr. Cadoret and hopes this will lead to a "shared and finally stable governance."

Mr. Genish was voted out by Telecom Italia's board last November as part of a struggle for control between the company's two main shareholders Vivendi SA (VIV.FR) and Elliott Management Corp.

Telecom Italia said the board will next meet Aug. 1 to approve its half-year financial report through June 30.

 

Write to Patrick Costello at patrick.costello@dowjones.com.

 

(END) Dow Jones Newswires

June 28, 2019 02:24 ET (06:24 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

Finance Manila is owned and operated by ADVFN PLC.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:fm D:20191014 02:43:57