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Telecom Italia reportedly strips CEO of executive powers

Italian phone group Telecom Italia (TIM) stripped its chief executive, Amos Genish, of his executive powers on Tuesday and gave them provisionally to the chairman after a bitter boardroom struggle between two big shareholders, a source said.

Genish was appointed last year to run the underperforming former monopoly by TIM's then controlling shareholder, French media group Vivendi, but since then directors backed by activist fund Elliott have wrested control of the board.

Genish's executive powers were transferred to Chairman Fulvio Conti on a provisional basis, the source said. Genish remains a director, and his immediate future was unclear.

A TIM spokesman declined immediate comment.

Some Elliott directors have been unhappy that Genish is opposed to selling control of TIM's fixed-line networks, sources have said.