(Bloomberg) -- Telecom Italia SpA named former Merrill Lynch banker Luigi Gubitosi as its new chief executive officer, the company announced today.

The 57-year-old corporate turnaround specialist succeeds Amos Genish, who was ousted from the company last week by allies of activist shareholder Elliott Management Corp.

Gubitosi 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. He became the top contender because of his telecommunications and media experience, people familiar with the matter said.

The board had been scrambling to restore stability to Telecom Italia after Elliott’s allies ousted Genish on Tuesday after he resisted their call to spin off the company’s landline network. Genish was parachuted into the role a little over a year ago by Vivendi SA, the company’s largest shareholder.

Gubitosi takes the reins at a company weighed down by net debt of 25 billion euros ($29 billion) and heavy pension liabilities. The carrier hasn’t paid a dividend on its ordinary shares since 2013 and is also facing fresh competition in its home market, with the entry of discount wireless carrier Iliad SA this year.

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

To contact the editors responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net, Kim Robert McLaughlin

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