Telecom Italia SpA said March 22 that the majority of its board members have resigned following the governance challenge launched by activist investor Elliott Management Corp.
Three members of the board representing Vivendi SA, which holds a stake of about 24% in Telecom Italia, have resigned. Five other board members have also decided to tender their resignations.
As a result, a shareholders' meeting will be held in May to vote on and appoint new board members.
Earlier in March, Elliott Management acquired a 6% holding in Telecom Italia, hoping to introduce changes at the telecommunications company through its larger position.