Vivendi inevitably tries to get rid of some Elliott directors
It was just a matter time before Vivendi reacted to its man being sacked as CEO of TIM and replaced by an Elliott ally.
December 11, 2018
![Vivendi inevitably tries to get rid of some Elliott directors Vivendi inevitably tries to get rid of some Elliott directors](https://eu-images.contentstack.com/v3/assets/blt3d4d54955bda84c0/blt7dec969ae740d133/654ce14dd963d2040a42ff7a/TIM-HQ-office-logo.jpg?width=1280&auto=webp&quality=95&format=jpg&disable=upscale)
It was just a matter time before Vivendi reacted to its man being sacked as CEO of TIM and replaced by an Elliott ally.
A month ago the artist formerly known as Telecom Italia sacked its CEO, Amos Genish. The general assumption was that this was due to a disagreement between Genish and the board, which is dominated by activist investor Elliott. But since Genish was appointed back when Vivendi dominated the board, it was assumed to be just a matter of time before Elliott got rid of him.
Within a week TIM had a new CEO, Luigi Gubitosi, who just happened to be one of the people on the board nominated by Elliott. There was a bit of subsequent moaning, but the real action was always expected to be a renewed attempt by Vivendi to regain control of the board and, presumably, replace the CEO once more.
The method of doing so had been strongly hinted at in Vivendi’s initial response to Genish’s sacking. On the same day TIM issued a statement in response to public comments from Vivendi, the key section of which was went as follows.