Ex-CEO exits Telecom Italia’s board as peace looks set to break out

News

The long-running boardroom feud between shareholders Vivendi and hedge fund Elliott seem to be drawing to a close.

Amos Genish, the former CEO of Telecom Italia, has resigned from the board where he was serving as a non-executive, non-independent director, according to the company.

He was fired as CEO while on a business trip to South Korea last November. He will receive a lump sum of €4.2 million on his way out.

Genish is a close friend of the French billionaire, Vincent Bolloré, who controls Vivendi is the largest shareholder in Telecom Italia.

Frank Cadoret will take his place on the board. He runs the Canal+ France pay television business, which is owned by Vivendi.



Peak hostilities

Hostilities peaked between shareholders in the run-up to an extraordinary general meeting in March, with Vivendi lobbying hard against Elliott and its controversial billionaire founder, Paul Singer.

In the event, Vivendi opted for a more conciliatory stance to avoid further upheaval in the boardroom.

Telecom Italia’s share price has suffered while the battle raged. The departure of Genish, the mooted acquisition of Open Fibre and the agreement to share towers with Vodafone should see it improve.