CLNXF - Activist investor TCI calls for board shakeup at Cellnex - report
2023-03-23 15:26:47 ET
- Activist hedge fund TCI wants to remove three board members at Cellnex ( OTCPK:CLNXF ) in order to quicken the appointment of a new chief executive officer. Cellnex ADRs rose 2.5%.
- TCI, run by billionaire hedge fund manager Chris Hohn, has issues with the governance of Cellnex ( OTCPK:CLNXF ) and is looking for a successor for Tobias Martinez Gimeno, the former CEO who stepped down in January and will leave the role in June, according to a Financial Times report , which cites a letter to the Cellnex board that was viewed by the paper.
- TCI owns 3% of Cellnex's shares and 6% in derivatives, according to the FT report.
- Cellnex declined to comment to the FT on the TCI letter.
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Activist investor TCI calls for board shakeup at Cellnex - report