CEO Amos Genish confirmed Telecom Italia would continue to follow the strategic direction defined under its previous executive team despite fierce criticism of the plan during a battle for control of the operator, Reuters reported.
During a conference call following the company’s Q1 results, announced yesterday (17 May), Genish stated he had the full support of the new board to continue with a transformation plan unveiled in 2017 and alternatives were not being discussed.
The strategy includes several elements initially criticised by shareholder Elliott Management during its (eventually successful) battle to wrest control of the operator away from Vivendi. Among the suggestions put forward at the time were asset sales, including an IPO of soon-to-be spun off fixed company NetCo.
During the scrap for control of Telecom Italia, there had also been intense speculation former Vivendi executive Genish would quit his current role if his former employers lost its majority on the board.
Genish himself was quoted describing his position as untenable should Elliott Management win out.
However, following backing from both Elliott Management and the new board, the executive stayed on: during the call he reiterated his long-term commitment to the company.