Lights on on Telecom Italia. It has just ended Nomination Committee who will have to give indications to tomorrow's Board of Directors on the new CEO. Meanwhile, it has been learned that Amos Genish sold 1 million shares of the telephone group on the market just after being disheartened as CEO by the board of the same telecom group.
The news emerged from Borsa Italiana's internal dealing communications. In fact, if the press release referring to the lack of confidence in the top manager had been released on 13 November just before 9.30 (the board of directors had started at 7 in the morning) the sale of shares appears to have taken place just before 11 at the unit price of 0,5238, 520 euros. The total collection was therefore equal to over 28 thousand euros and is added to the severance pay that the manager will certainly collect, kicked out before the expiry of the mandate which began on 2017 September 13 and ended on 25 November last. Those who preceded him received monstrous severance payments such as that of Flavio Cattaneo compensated with 30 million (for having been in office for just over a year, from 2016 March 28 to 2017 July 8) or like Marco Patuano who left with a compensation of 5 million after XNUMX years of activity.
Genish's exit should cost Telecom shareholders less money, however. There remuneration report submitted to the last shareholders' meeting in April provides that "in the light of best practices regarding "Termination Provisions" for Executive Directors, it is company policy that the severance indemnity, in the event of early termination of the directorship relationship, is not higher to 24 months of remuneration". In the case of Genish, who earns 1 million a year as an employee, another 400.000 euros are added as CEO, the final disbursement should not exceed 2,8 million. To these must now be added the half million due to the sale of the shares in his possession. In total, 3,3 million.
Apart from Genish, eyes are on the succession. Tim specified that the choice of the CEO will take place on Sunday but the total appointments started immediately after the exit of the Israeli manager with two names on the track: Luigi Gubitosi versus Alfredo Altavilla (who, however, is also chairman of the nomination committee and therefore, if he lifts the reserve, he will abstain from voting). At the moment the favorite seems to be Gubitosi, former CEO of Wind and Rai general manager, current Alitalia commissioner, already sits on the board.
