Activist fund Elliott moved to replace some of Telecom Italia SpA's (TIT.MI) board members, including the company's chairman, in a management shake-up after the fund accumulated a stake in the Italian company.
Telecom Italia said Thursday that Elliott has requested some changes to the shareholders' meeting agenda, including proposing the replacement of Chairman and Vivendi SA (VIV.FR) CEO Arnaud de Puyfontaine.
The fund wants to replace five other board members proposed by France's Vivendi, which has a stake of almost 24% in Telecom, including Deputy Chairman Giuseppe Recchi. The fund has submitted a list of candidates to replace the current members.
Telecom Italia shareholders' meeting will take place on April 24.