TCI, the activist fund controlled by the billionaire Chris Hohn, did not have its last word on the governance crisis of the cellnex, the Spanish tower company that is the European leader in its sector.

urgent departure

Now, TCI demanded that The Dutch Bertrand Khan, who was dismissed yesterday as non-executive chairman of the board of directors cellnex, immediately leave the company’s board. Kan was replaced by Anne Bouverot, who had been the group’s director since 2018.

Speaking with BloombergTCI says it is positive that the board of directors celina

TCI, the activist fund controlled by the billionaire Chris Hohn, did not have its last word on the governance crisis of the cellnex, the Spanish tower company that is the European leader in its sector.

urgent departure

Now, TCI demanded that The Dutch Bertrand Khan, who was dismissed yesterday as non-executive chairman of the board of directors cellnex, immediately leave the company’s board. Kan was replaced by Anne Bouverot, who had been the group’s director since 2018.

Speaking with BloombergTCI says it is positive that the board of directors cellnex removed to Bertrand Khan as chairman of the board of cellnex, in a note sent to the agency by Jonathan Amouyal, one of the partners ICT. “We urge Mr. Kan to immediately leave the board of Cellnex. It is very unusual for a former chairman to remain on the board of directors” after his removal from the board of directors has been promoted, says the investment company, adding that “cellnex should urgently focus on choosing a new CEO.”

council clash

The board’s decision to replace the presidency of cellnex, changing to Bertrand Khan by Anne Bouverotresponds to the confrontation that took place in the municipality of Torrera, as EXPANSIÓN announced last Saturday. khan and three other directors -among them Alexandra Reich and Peter Shore— were opposing candidates who had already been agreed upon as possible new CEOs by a majority of the board. Tobias Martinez, current CEO of the group and mainly responsible for the company’s brilliant growth, which went from a capitalization of 5,000 million in January 2019 to a value of 24,000 million euros -although it managed to capitalize 40,000 million- thanks to a strong policy of growth by purchases , in which it invested 35,000 million euros in seven years.

Among them appears as the most likely candidate the Italian Marco Patuano, which is supported by the two main shareholders, TCI and Edizione Holding, (business arm of the Benetton family) which together control more than 15% of the capital. Cellnex’s board of directors require the appointment of a CEO to be approved by an enhanced two-thirds majority, which means that, with 11 members, it needs the support of 8 members. The majority of the council, formed by the other 7 members, is being blocked by the four -including Kan- who do not support the consensus of the others. That’s why TCI He asked khan leave advice yes khan resigned and the board was reduced to 10 members, the majority of 7 would already fulfill the two-thirds ratio and could accelerate the appointment of the new CEO to replace Tobias Martinez.

Rise in the stock market

The news of Kan’s departure was well received by the market, which considers that the reshuffle brings a definitive solution to the replacement of Tobías Martínez. At noon, Cellnex’s price rose 2.33% to 35.19 euros per share. Last Wednesday, before the intervention of the TCI was known, asking for Kan’s relief, the title was situated at 33.21 euros, so since then and awaiting today’s closing price it has risen 6% in four days.