Amos Genish he also resigned as Tim's director. The former CEO of the Italian telecommunications company, replaced by Luigi Gubitosi in November 2018, has left his position on the board. Instead of him, according to what is learned from some sources reported by news agencies, French manager Frank Cadoret is arriving, deputy general manager of Canal Plus. Genish had been wanted by Tim's French partner, Vivendi, as managing director. However, last November he was disheartened by the board of directors with a majority Elliott who then replaced him with Luigi Gubitosi.
Now he comes to his place another Vivendi shareholder, testifying to a reshuffle in the Board which however does not change the balance within it: a sort of truce between Vivendi and Elliott, which puts an end to a war which in the last year has probably distracted management from industrial dossiers, and which contributed to weighing on the stock on the Stock Exchange, which has recently reached historic lows. In the meantime, Genish already has another assignment: he joined Btg Pactual a few weeks ago, the financial group that was also a shareholder of Mps. The Israeli manager will take care of the project to strengthen e-banking on the Fineco model, expanding the portfolio of services intended for business users and SMEs. The initial assignment should be that of CEO but it cannot be ruled out that the 59-year-old could also acquire a shareholding.
Genish for his exit from Tim will collect a liquidation of 4,2 million. The market welcomed the outcome of Thursday's board meeting with some disappointment, which did not produce any news on the integration of the Tim-Open Fiber networks. The president of Open Fiber Franco Bassanini pointed out that the infrastructural operation will have to take place not under political pressure from the Government and Parliament but that a market solution must be found that satisfies Telecom and Open Fiber shareholders and reconciles expectations in terms of ownership. "From what transpires - commented the Equita experts - Tim wants to maintain ownership of the network, also underlining the need for convergence between the fixed and mobile networks, while for Bassanini it would be desirable for Tim to give up control, on the model of Inwit". An obstacle that the negotiations have not yet managed to overcome.
Updated Friday June 28th at 11:46am
