New Telecom Italia Boss Deepens Activist Shareholder's Clout
- Former banker and turnaround specialist is Elliott’s choice
- Deposed CEO Genish vows to accelerate shareholder meeting
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Telecom Italia SpA’s decision to name Luigi Gubitosi as its new chief executive officer marks another victory for Elliott Management Corp. in its push for a radical overhaul of the embattled phone company.
The board, stacked with directors representing billionaire Paul Singer’s fund, chose the former Merrill Lynch banker at a meeting on Sunday. Gubitosi succeeds Amos Genish, who was ousted last week for resisting the activist’s call for a spinoff of the landline network. Bloomberg reported on Saturday that Gubitosi was set to become CEO.