Ex-Telecom Italia CEO to Be Replaced by Canal Plus Executive After Resigning From Board
June 28 2019 - 2:39AM
Dow Jones News
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.
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