TCI Asks Cellnex’s Ex-Chair Kan to Leave Board in Reshuffle (1)

Activist investor TCI Fund Management Ltd.has called for Cellnex Telecom SA’s former chairman, Bertrand Kan, to leave his position as an independent director, signaling that his resignation as the chair of wireless tower operator’s board did not meet the hedge fund’s demands.

“It is highly unusual that a former chairman remains as board member, once asked to leave,” TCI Fund Partner Jonathan Amouyal said in an email.

Cellnex’s board on Monday appointed Anne Bouverot to replace Kan as the company’s non-executive chair amid increasing pressure from TCI. Kan will remain in the board as an independent director. ...