Telecom Italia’s board of directors ousted CEO Amos Genish (pictured) at an extraordinary meeting, just two days after the operator categorically denied rumours its leadership was looking to force his resignation.
“TIM’s board of directors met today and deliberated by a majority vote to revoke with immediate effect all powers conferred to director Amos Genish, giving mandate to the chairman to resolve further obligations in relation to the existing working relationship with Genish,” the company said in a statement.
The board thanked Genish “for the work done in the interest of the company and all its stakeholders in these fourteen months of intense activity”.
A meeting will be held on 18 November to appoint a new CEO.
Telecom Italia had only just dismissed speculation that a meeting had been arranged for later this week, with a representative stating the next time directors would gather will be during a regular meeting scheduled for early December.
A source told Financial Times the meeting was impromptu, with invitations sent out late last night.
The news comes days after Telecom Italia announced a €2 billion write-down of the value of its domestic business and admitted it was no longer on track to meet its 2018 debt reduction target.
Genish was also said to be under pressure over his attempts to retain control of Netco, a company being created to house fixed assets.