Cerca

Domenica 22 Aprile 2018 | 23:54

Milan

TIM's Vivendi execs quit, new board in May (6)

Inc. Chairman Arnaud de Pouyfontaine

TIM's Vivendi execs quit, new board in May (6)

Milan, April 22 - TIM directors representing majority shareholder Vivendi tendered their resignations Thursday, effective April 24, the date of the AGM. The board will be renewed on May 4, TIM said in a statement. The resignations included that of Chairman Arnaud de Pouyfontaine, who said "as chairman of TIM and in the interest of all the shareholders, I wan to free the board of the climate of uncertainty that has been created and which distracts attention from what is our priority, that is the rapid realisation of the DigiTim strategic plan". He went on: "I confirm my commitment to the plan to transform TIM and I am convinced that this decision will give further stability and support to our CEO Amos Genish and his team, enabling us to create value for all our stakeholders". TIM's American depositary receipts fell 4.3% in New York on the chairman's resignation. A week ago the Elliott fund asked the TIM board to revoke six directors including chairman de Puyfontaine, and the deputy executive president Giuseppe Recchi, replacing them with six of their own. The other four directors Elliott International, Elliott Associates and The Liverpool Limited Partnership wanted replaced are Herve' Philippe, Fre'de'ric Cre'pin, Fe'licite' Herzog and Anna Jones. Four of these directors are linked directly to shareholder Vivendi while two are independents but still elected in the majority partner's list. Elliott and the other two investors said they wanted them to be replaced by the following six: Fulvio Conti, Massimo Ferrari, Paola Giannotti De Ponti, Luigi Gubitosi, Dante Roscini and Rocco Sabelli. TIM said it would add the issue to its agenda for a shareholders meeting on April 24. Financial sources said Elliott's problem was Vivendi and not CEO Amos Genish, who was not included among the execs it wants to replace. They said the fund considered Genish a very competent TLC expert and his business plan well constructed, and it appreciated the way the management handled the day-to-day running of TIM. The problems linked to Vivendi allegedly included conflicts of interest that allegedly spurred operations deemed disadvantageous for minority shareholders, the financial sources said. US investor Elliott's plan for TIM which envisages spinning off and floating the network "is a project that coincides with what we intend to do for the public interest," Industry Minister Carlo Calenda said Wednesday. "But I think that TIM, too, was oriented in this direction," the minister added.

Lascia il tuo commento

Condividi le tue opinioni su

Caratteri rimanenti: 400

ALTRI ARTICOLI DALLA SEZIONE

Med should be arc of peace says pope (2)

Med should be arc of peace says pope (2)

 
FI ready to sue Di Matteo (4)

FI ready to sue Di Matteo (4)

 
Man abducts, rapes British woman

Man abducts, rapes British woman

 
Free, open trade crucial for growth - Draghi (4)

Free, open trade crucial for growth - Draghi (4)

 
Tiraboschi says Brembo Group off to good start in 2018

Tiraboschi says Brembo Group off to good start in 2018

 
Brembo Group reduced emissions by nearly 6% in 2017

Brembo Group reduced emissions by nearly 6% in 2017

 
Cops, Dell'Utri and bosses guilty in State-Mafia case (7)

Cops, Dell'Utri and bosses guilty in State-Mafia case (7)

 
FI ready to sue Di Matteo (3)

FI ready to sue Di Matteo (3)

 

MEDIAGALLERY

Lecce, bullismo a scuola

Lecce, bullismo a scuola

 
L'inseguimento in mare dello scafista con una tonnellata di droga al largo delle coste salentine

L'inseguimento in mare dello scafista con una tonnellata di droga al largo coste salentine

 
La commessa della gioielleria veneta aggredita e sequestrata dai rapinatori brindisini

La commessa della gioielleria veneta aggredita e sequestrata dai rapinatori brindisini

 
Calabria, assalto al caveau: polizia arresta componenti banda

Calabria, assalto al caveau: polizia arresta componenti banda

 
Puglia, Papa Francesco ad Alessano

Puglia, Papa Francesco ad Alessano

 
Papa Francesco celebra messa a Molfetta

Papa Francesco celebra messa a Molfetta

 
Papa Francesco

Papa Francesco da Alessano a Molfetta: tappe sui luoghi di don Tonino Bello

 
Bradanica, dopo 50 anniaperti i primi 8 chilometri

Bradanica, dopo 50 anni
aperti i primi 8 chilometri

 

LAGAZZETTA.TV

Mondo TV
Trovata una fossa comune in Siria

Trovata una fossa comune in Siria

 
Notiziari TV
Ansatg delle ore 19

Ansatg delle ore 19

 
Economia TV
Sempre piu' poveri

Sempre piu' poveri

 
Italia TV
Raviolo day, dall'Italia al Messico

Raviolo day, dall'Italia al Messico

 
Spettacolo TV
Maratona sentimentale in salsa francese

Maratona sentimentale in salsa francese

 
Calcio TV
Storica impresa del Benevento: batte 1-0 il Milan a San Siro

Storica impresa del Benevento: batte 1-0 il Milan a San Siro

 
Meteo TV
Previsioni meteo per domenica, 22 aprile 2018

Previsioni meteo per domenica, 22 aprile 2018

 
Sport TV
Motogp, oggi le libere ad Austin

Motogp, oggi le libere ad Austin