In today’s industry news roundup: Bertrand Kan and Leonard Shore bow to investor pressure and leave Cellnex with immediate effect; European Commission opens a rigorous investigation into the potential merger of two of Spain’s biggest telcos; UK regulator Ofcom goes after “concerning practices” in the cloud market and calls for further assessment by the nation’s competition watchdog; and much more!
Further trouble is afoot at pan-European towers giant Cellnex. Following pressure from its largest shareholder, TCI Fund Management, the company has announced the immediate departure of two of its independent directors, Bertrand Kan and Leonard Shore, with effect from 4 April. In its announcement, Cellnex cited “irreconcilable differences with the board in relation to the management, governance and succession process of the company” as the reason for Kan and Shore quitting their roles but noted it was “deeply grateful for their contribution to the development of Cellnex”. The move comes a week after Cellnex appointed former GSMA director general Anne Bouverot as non-executive chair to succeed Kan who stepped down from the chairman position under pressure from TCI. The restructuring is motivated by the shareholder’s discontent with the lack of progress in finding a new CEO for the tower company to take over from Tobias Martinez, who is to leave in June. gildan orange shirt
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