May 7, 2018 / 6:34 PM / 15 days ago

Telecom Italia reappoints CEO Genish

PARIS (Reuters) - Telecom Italia (TIM) (TLIT.MI) reappointed Amos Genish as its chief executive on Monday, French media group Vivendi (VIV.PA) said in a statement.

FILE PHOTO: Telecom Italia CEO Amos Genish poses for a photo at the end of a debate at the RAI state television headquarters in Rome, Italy November 10, 2017. REUTERS/Remo Casilli/File Photo

On Friday, activist fund Elliott wrestled control from TIM’s lead shareholder Vivendi, winning a shareholder vote to appoint two-thirds of the seats on the board.

“Vivendi is pleased that the board of directors, during its meeting today, appointed Amos Genish CEO of Telecom Italia,” Vivendi, the largest TIM shareholder with 23.94 percent of the ordinary shares, said.

    Vivendi said it reaffirmed its long-term commitment to TIM and added it supported the 2018-2020 industrial plan announced by Genish on March 12, which was unanimously approved by the board.

    Vivendi said it would monitor that the plan was “coherently implemented in its entirety” and that measures taken to improve TIM’s profitability were continued.

    Reporting by Geert De Clercq, Editing by Sarah White

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