Activist hedge fund TCI has secured a seat on the board at Spanish mobile phone tower operator Cellnex having engaged in a campaign for change at the company which led to the resignation of two independent board members earlier this month, according to a report by Reuters.
TCI, Cellnex’s biggest shareholder with a 9% stake, including 5.9% in derivatives, last month sought to remove the board’s chair and two board members, claiming that company’s search for a new CEO had been mishandled.
TCI also requested that its representative Jonathan Amouyal join the board, a move that was approved by Cellnex’s board on Wednesday, a day before the company was due to announce its first-quarter results.
In a statement, Cellnex also confirmed that it had approved the appointment of Maria Teresa Ballester as independent member. Both appointments will need to be ratified at an upcoming annual general meeting.
Former non-executive chair, Bertrand Boudewijn Kan and fellow board member Leonard Peter Shore resigned on 4 April, citing “irreconcilable differences with the board in relation to the management, governance and succession process of the company”.