Telecom Italia SpA's board stripped CEO Amos Genish of his executive powers while he was overseas on business.
The board "met today and deliberated by a majority vote to revoke with immediate effect all powers conferred to Director Amos Genish, giving mandate to the Chairman to resolve further obligations in relation to the existing working relationship with Genish," the company said in a Nov. 13 statement.
The company gave no further explanation for the move, which Genish condemned as a "Soviet-style putsch." Telecom Italia had recently denied reports about a plan for an extraordinary meeting in the week of Nov. 19 over a push within the Italian telecom operator's board to oust Genish.
The board will meet again Nov. 18 to name a new CEO.
Genish, who was appointed chief executive of the Italian telecom giant in September 2017, told Reuters that the environment inside the company was "dysfunctional" and that several directors have been campaigning against him for months.
"I personally will and am committed to do anything to fight and defend the rights of all shareholders from my position as a board member," Genish reportedly said.
