(Bloomberg) -- Telecom Italia SpA is set to name former Merrill Lynch banker Luigi Gubitosi as its new chief executive officer after Amos Genish was ousted this week by allies of an activist shareholder, according to people familiar with the matter.

The 10 directors who are backed by Elliott Management Corp. agreed on Gubitosi during a conference call they held Saturday, the people said, asking not to be named since the discussions are confidential. Gubitosi needs the backing of at least eight out of the 15 directors to clinch the job at the former phone monopoly.

Telecom Italia’s full board will meet on Sunday for a final vote, and a nomination committee is scheduled to formally recommend the name.

A spokesman for Telecom Italia declined to comment.

Gubitosi held an edge over former Fiat Chrysler Automobiles NV manager Alfredo Altavilla as the favorite to lead Italy’s biggest telecom company.

He’s the top contender because of his telecommunications and media experience, the people said. The 57-year-old corporate turnaround specialist led Telecom Italia’s mobile rival Wind Telecomunicazioni SpA and state-owned television network RAI before the government made him special administrator of bankrupt airline Alitalia last year.

The board has been scrambling to restore stability to Telecom Italia since Elliott’s allies ousted Genish as CEO on Tuesday after he resisted their call to spin off Telecom Italia’s landline network.

Gubitosi’s role at Alitalia underscores his influence in Rome political circles. He was country manager and head of corporate and investment banking at Bank of America Merrill Lynch in Italy from 2011 to 2012.

To contact the reporter on this story: Daniele Lepido in Milan at dlepido1@bloomberg.net

To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Kenneth Wong, James Ludden

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