MILAN (AP) — Telecom Italia’s new board dominated by delegates chosen by a U.S. hedge fund has confirmed Amos Genish as CEO and named one of the new board members, Fulvio Conti, as chairman.
The moves come after Elliott engineered a shareholder coup last week, wresting the board from controlling shareholder, France’s Vivendi.
Conti, a longtime Italian manager, said the board confirmed support for Genish’s 2018-2020 business plan.
Genish, who was brought into Telecom Italia by Vivendi, said that “the complete support of the new board enables us to continue implementing” the new business plan, which calls for investments in digital content and maintaining Telecom Italia’s network as integral to its services.
When it launched its shareholder challenge, Elliott had signaled it wanted to separate the network from services to create value.