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General

TIM appoints new internal committees, has no plan for shareholders' meeting

Friday 7 December 2018 | 09:44 CET | News

Telecom Italia (TIM) announced that its board of directors met to acknowledge the effects that the decisions taken on 13 and 18 November had on the composition of its Control and Risk Committee and Strategic Committee but chose not to call a shareholders’ meeting to confirm the appointment of Luigi Gubitosi as the company’s new chief executive. The board did announce the appointment of director Lucia Morselli to the Control and Risk Committee but "has not proceeded, at present, to appoint additional directors to the Strategic Committee (made up of TIM's chairman and CEO along with the directors Ferrari, de Puyfontaine and Sabelli)."

TIM’s leading shareholder Vivendi strongly criticised the decision to oust Amos Genish as CEO after he had lost the support of US activist fund Elliott Management, the operator’s second-largest shareholder, which seized control of the board of directors in May. A spokeswoman for Vivendi told Reuters that a shareholders’ meeting is needed to back Gubitosi’s appointment, since Genish received a favourable vote of around 60 percent of TIM’s capital before taking office. 

The next scheduled shareholders' meeting to approve the company's full-year results is due to be held on 11 April 2019, said TIM.


 



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Categories: General
Companies: Telecom Italia / TIM / Vivendi
Countries: Italy
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