Telecom Italia (TIM) shareholders have voted almost unanimously to confirm Amos Genish as the company’s CEO at the group’s annual general meeting ahead of a board showdown to be held on 04 May. Genish was co-opted by the board last September but his appointment had to be approved by shareholders to continue beyond the AGM and some 98 percent of those present voted to confirm him as a board director. However, on 04 May shareholders have to elect an entire new board after activist fund Elliott’s initial request for board changes at TIM resulted in eight Vivendi-nominated board members resigning a week later, triggering a vote on a full board renewal.
According to Reuters, Genish said he “looked forward to working with everyone in the coming years,” adding that alignment with the board and trust were key for any CEO and he hoped to get that from the new one that’s elected next month. Deputy chairman Franco Bernabe urged shareholders to put their conflicts, saying recent board fights have “worsened the climate” at TIM and caused “serious reputational damage” to the company.
At the AGM, the operator’s shareholders also approved the 2017 financial statements and the company’s remuneration policy for 2018, including the payment of a privileged dividend of 2.75 eurocents per share to savings shares only from 20 June. TIM added that shareholders also elected a new board of statutory auditors, which will remain in office until 31 December 2020.
