Sunday , April 11 2021

Telecom Italia suddenly surprised its CEO:

Telecom Italia was surprised by the CEO

Photo: Reuters

The Italian Telecom Italia group fired from Amos Genis, managing director, by dismissing a man whom some of his investors considered his campaign as an obstacle to more aggressive restructuring, Reuters reported.

Genius was appointed last year to run a poorly functioning, once monopolistic TIM, but then the leaders supported by the Elliott Fund took control of the board.

Telecom Italia said that it will hold a meeting on Sunday appointing a new CEO. The company does not give any explanation of Genius's rapid elimination almost a year after being in control of poorly functioning telecommunications.

Genius launched a three-year business plan focusing on digital output and TIM's economy, but sources say that some Elliott leaders want it to give priority to the possible unbundling of fixed networks.

On Monday, Gennys issued a statement that supports the idea of ​​integrating TIM's fixed network assets with a broadband network developed by a smaller Open Fiber competitor when TIM is able to manage a consolidated network. Italy is preparing to introduce legal changes leading to such a merger, commenting on sources familiar with it.

Vivendi responded sharply to what he described as playful and cynical changes to board members who secretly opposed Genius, assuring the government to work abroad at the office.

The meeting was held when Genius was in South Korea. He has called a conversation, a source who knows the matter. TIM's shares fell by about 1% after the company announcement, but quickly recovered.

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