Thursday 02 / May / 2024
Milan: Luigi Gubitosi has been named the new chief executive officer of Telecom Italia, the company said on Sunday, after former chief executive Amos Genish was ousted by the board.
Gubitosi, 57, has been administering a plan to turn around the ailing Italian flag carrier Alitalia, but also has previous experience as head of Wind Communications, a Telecom Italia rival, and the public television channel Rai.
He was presented as an "independent" candidate by the US investment fund Elliott, which was able to take control of the telecom operator's board during a shareholder's meeting on May 4, even though it owns only 8.8 per cent of its shares.
The French group Vivendi is the leading shareholder in Telecom Italia, with a 24-per cent stake.
Genish, who is considered close to Vivendi boss Vincent Bollore, was ousted on Tuesday by board members placed by Elliott, while he was on a trip to Asia.
