By Patrick Costello

Telecom Italia SpA (TIT.MI) said late Thursday that former Chief Executive Amos Genish has resigned from the board of the Italian telecoms operator and will be replaced by Canal Plus executive Frank Cadoret.

Mr. Genish's resignation follows a settlement agreement with the ex-CEO in which Telecom Italia granted him a lump sum of 4.2 million euros ($4.77 million) subject to claw-back. Mr. Genish won't receive any additional benefits or hold further rights toward the company, it said.

Telecom Italia said it welcomed the renewed dialogue that led to the unanimous appointment of Mr. Cadoret and hopes this will lead to a "shared and finally stable governance."

Mr. Genish was voted out by Telecom Italia's board last November as part of a struggle for control between the company's two main shareholders Vivendi SA (VIV.FR) and Elliott Management Corp.

Telecom Italia said the board will next meet Aug. 1 to approve its half-year financial report through June 30.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

June 28, 2019 02:24 ET (06:24 GMT)

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