Wednesday , June 16 2021

How much did Tim cost to change 4 CEOs within 970 days



How much did Tim cost to change 4 CEOs within 970 days

Marco Patuano, Flavio Cattaneo, Amos Genish, Luigi Gubitosi: four managers share the fact that they were (and will be in the case of Gubitios) general directors of the last Telecom Italia era, a rather short epoch to tell the truth: from the goodbye of Patuano (a man who lives all his life) spent at the first telecommunications company in the country) after the arrival of Gubitosy (he was elected to the board of directors on the list presented by Elliott at the meeting on May 4), just over two and a half years have passed.

Patuano resigned after almost 5 years of the mandate, 21 March 2016; Instead, Cattaneo remained in office from March 30, 2016 to July 21, 2017.

The last Israeli gene took office on September 28, 2017. By November 13, he was discouraged by his own management at dawn, meeting ad hoc on an extraordinary basis. From today it is Gubitosi's turn to sit in a chair that is undoubtedly burning.

How much did Tim cost to change 4 CEOs within 970 days

Armando Dadi / Afp

Luigi Gubitosi

To sum up, four general directors in just a thousand days (exactly 970) for a cost that has already broke 31 million euros for the company, between a good holiday in Patuano (6 million) and a Cattaneo record (25 million). The fee will have to be added to the account for 14 months, in which Genish remained at the top of the group, estimated at almost EUR 3 million.

Gubitosi, appointed on 18 November, abstained from voting at the time of the appointment of the new president of Tim paused. The votes of 9 independent councilors in the elliott group met with him, while five councilors of Vivendi voted against.

Retiring CEO Tim, Amos Genish, talks about "another sad chapter in company history," at the end of the board that appointed Luigi Gubitosi as the new CEO. "I am very sad about the company and the result of last week," he added, starting from the place where the meeting took place – "I think that these sudden changes in strategy and leadership are shared by two shareholders".

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