Telecom Italia denies CEO exit rumours

Telecom Italia has declared its support for CEO Amos Genish, scotching exit rumours that appeared in the Italian press.

Reports by Sole 24 Ore and Il Messaggero on Tuesday (23 January) had suggested that Genish, who was appointed in September last year, could be on his way out.

However, Arnaud de Puyfontaine, who is Chairman at TIM and CEO at Vivendi, the de facto owner of the operator, said in a statement that the board retained “complete trust” in Genish and shared his “strategy and vision”.

“We are pleased with the progress until now and confident that Amos will carry on TIM’s relaunch with his usual passion,” de Puyfontaine said.
Genish, a former Chief Convergence Officer at Vivendi, is expected to unveil a new strategic plan in the next few weeks.

"I am 100 percent committed to TIM's relaunch and to the fine tuning of the 2018-20 strategic plan, which is a long-term project for me both personally and professionally," Genish said.

Vivendi’s support is crucial, considering it holds a 23.94 percent stake in TIM’s ordinary share capital and has installed several executives on its board of directors.

Previous CEO Flavio Cattaneo left TIM in July after reportedly falling out with the France-based media group.

Genish met the TIM board back in December, when they backed his plans to expand the company’s content offering and approved its preliminary budget.

The CEO's first set of financial results, announced in November, saw TIM reporting a 1.3 percent year-on-year rise in sales to €4.91 billion.

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