Telecom Italia denied rumours in the Italian press stating an extraordinary board meeting had been scheduled to force the resignation of CEO Amos Genish (pictured).
Bloomberg reported Telecom Italia dismissed speculation a meeting had been arranged for later this week, with a representative adding the next time directors would gather will be during a regular meeting scheduled for early December.
Rumours on Genish’s future appeared days after the operator 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.
The executive is also said to be under pressure over his attempts to retain control of Netco, a company being created to house its fixed assets, as board members quarrel over whether to sell all or part of the company. Netco’s status may be further complicated by legislation being prepared in Italy regarding the future of its fibre infrastructure.
Genish was appointed in September 2017 by the company’s previous board, which at the time was led by largest shareholder Vivendi, but his tenure has been subject to constant scrutiny by Italian media since a new executive team took the helm in May.Subscribe to our daily newsletter Back