MILAN (Reuters) - Former Telecom Italia Chief Executive Amos Genish said he would look for investor support to call an extraordinary shareholder meeting to contest a strategy turn at Italy’s biggest phone group that led to his own sacking this week.
An investor or a shareholder group need to own at least 5 percent of the company to be able to call such meeting.
Telecom Italia (TIM) on Sunday appointed veteran Italian manager Luigi Gubitosi as Genish’s successor, in a move seen as portendign a more aggressive shake-up at the company, including through a spinoff of the company’s network and asset sales.
Top investor Vivendi, which owns 24 percent of TIM, is expected to back Genish if he chooses to call such shareholder meeting, a source familiar with the situation added.
(This version of the story has been refiled to fix a typo in second paragraph)
Reporting by Agnieszka Flak, editing by Giselda Vagnoni