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Twelve hours later, the telecoms industry veteran was fired in a board meeting he dialled into from Seoul. He was the third CEO to leave the group in as many years and his successor was chosen on Sunday engraved cufflinks canada uk sale. The new CEO, Luigi Gubitosi, is backed by U.S. activist investor Elliott Management, which had pushed for the spin off of the company’s fixed line network (NetCo) and the sale of other assets, shifting the focus from the operational turnaround pursued by Genish. The sacking, which Genish called a Soviet-style putsch, was the latest twist in a corporate drama that one board member described in an email as an “opera”..

In theory, it paves the way for Elliott’s plan. But conversations with sources both inside and close to the company show that in practice there may be many more twists to come. The underlying plot pits Elliott against TIM’s main shareholder, French media group Vivendi, over how to revive an underperforming business whose shares have dropped 27 percent this year alone. The outcome will decide both the future of TIM and whether Italy can overcome the digital divide that separates it from more advanced economies in Europe engraved cufflinks canada uk sale.

Genish, who was appointed by the French investor last year, wants TIM to keep control of the network, deeming it strategic both to the deployment of fifth-generation (5G) mobile services and to the survival of the company’s service operations. Elliott, which took control of the board in May, has an ally in Italy’s anti-establishment government elected in June, which has prioritized the creation of a single broadband network to help Italy catch up digitally with European peers engraved cufflinks canada uk sale. A new draft amendment to a government fiscal decree, seen by Reuters on Friday, aims to advance the project via incentives to twin TIM’s network with small, state-backed rival, Open Fiber..

“All the stars are aligned, this is a massive project and it needs to be pursued, you can’t say you won’t do it because there are risks associated with it,” a source familiar with the matter said of Genish. Genish supports the idea of a single network provided TIM is in control of the merged entity. A former Israeli army captain, he told Reuters he will remain on the board “to fight and defend” shareholders’ rights. On Sunday, Genish said he would seek support to call a shareholder meeting as soon as possible to ask investors to vote on which strategy they prefer: his focused on organic growth or one he said would bring about a “dismantling of TIM” engraved cufflinks canada uk sale.

Gubitosi, a former CEO of telecoms group Wind, is politically well-connected as commissioner for struggling carrier Alitalia, making him well placed to negotiate with the government over a potential spin-off and merger with Open Fiber. Coming out of the board meeting that sealed his appointment,¬†Gubitosi said he would seek to “boost cash-flow generation, cut debt and examine with care and speed the project for the creation of a single network” engraved cufflinks canada uk sale. But if the last six months are anything to go by, getting the board to approve the network spin-off and a merger with its rival will not be a smooth ride..