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TCI wants Cellnex to ring the changes

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TCI, the activist hedge fund founded by Chris Hohn, wants to see board-level changes at Spanish telecoms group Cellnex, including the removal of chair Bertrand Kan and two other board directors, according to a report by the Financial Times.

The FT cites a letter written by Hohn to the board of Cellnex explaining that the changes are required to speed up the appointment of a new chief executive following the departure of Tobias Martínez Gimeno, who resigned from the role in January and will leave the company in June

Cellnex, Spain’s largest telecoms group and Europe’s biggest mobile tower company, has seen its share price fall by 20% over the past 12 months.

In the letter, TCI, which owns a 3 per cent stake in Cellnex’s share capital and a further 6 per cent in derivatives, says that it believes the hiring process for a new CEO has been “mishandled by the board and resulted in insufficient progress to recruiting a suitable replacement”. 

Hohn says he wants to see TCI director Jonathan Amouyal appointed to the board via “constructive dialogue” but will propose a vote at the company’s next AGM if that isn’t possible.

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