Telecom Italia: board to be renewed after directors resign

(CercleFinance.com) - Telecom Italia on Thursday unveiled a board shakeup that will see seven directors resign due to mounting pressure from activist shareholder Elliott.


During a board meeting yesterday several board members, including executive chairman Arnaud de Puyfontaine, stepped down with effect as of 24 April, before the company's ordinary shareholder meeting.

The outgoing directors have expressed their hope that "this move would help to clarify and provide certainty to the governance of the company," TIM said.

Executive deputy chairman Giuseppe Recchi has also resigned, with immediate effect, being replaced by Franco Bernabe.

Last week Elliott asked the Italian telecoms group to dismiss six board members, including executive chairman Arnaud de Puyfontaine, and to replace them by six other directors.

A shareholders' meeting now has to be held on 4 May to enable TIM shareholders appoint new board members and decide which policy to follow.

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