Main Generali Investor Proposes Insurer’s Austria Chief as New CEO
A number one Generali shareholder on Tuesday proposed naming the Italian insurer’s head of Austria as its new chief govt, in a problem to the reappointment of Philippe Donnet.
Generali’s outgoing board has put ahead Donnet for a 3rd mandate as CEO forward of a shareholder vote to elect a brand new board on the finish of April.
Italian tycoons Francesco Gaetano Caltagirone and Leonardo Del Vecchio who’re, respectively, Generali’s second- and third-largest traders, are opposing the reappointment as they problem the insurer’s single largest investor, funding financial institution Mediobanca.
Unveiling his personal slate of nominees for the board, Caltagirone on Tuesday stated in an announcement he was proposing Luciano Cirina, Generali’s present head of Austria and central and jap Europe, for the place of chief govt.
“Underneath his management, that space has posted the stronger development in recent times,” Caltagirone stated.
“Hailing from (Generali’s hometown of) Trieste, Cirina has greater than 30 years of expertise in insurance coverage and is taken into account by many throughout the group because the pure successor to the present CEO, having fun with nice respect by all employees.”
Underneath Donnet, Generali has delivered increased whole returns for shareholders than rivals akin to AXA and Allianz and analysts had stated Caltagirone wanted a powerful identify to problem a CEO who has delivered on targets.
Strengthening Donnet’s hand, Generali on Tuesday posted a file working revenue for 2021.
Caltagirone additionally proposed Claudio Costamagna, a former Goldman Sachs banker and former chairman of Italian state investor CDP, to chair Generali’s board.
Calatagiorne has a stake of slightly below 8% within the insurer, based on newest out there knowledge. After stepping down from Generali’s board earlier this 12 months he’s not obligated to reveal his stakebuilding except he crosses the ten% threshold.
A consultant for Del Vecchio has additionally give up Generali’s board. The 2 tycoons and a 3rd smaller Generali investor held a mixed 16% stake in Generali and had struck a shareholder pact which they’ve now dissolved to keep away from drawing regulatory scrutiny.
To counter their weight on the April AGM, Mediobanca has secured a short lived 17.2% voting stake for the April assembly by borrowing shares to beef up its 12.8% holding.
(Reporting by Stefano Bernabei; writing by Giulio Piovaccari; enhancing by Valentina Za and Emelia Sithole-Matarise)
{Photograph}: An indication sits on the wall of the Rome headquarters of Assicurazioni Generali SpA in Rome, Italy, on Friday, Jan. 27, 2017. Photograph credit score: Alessia Pierdomenico/Bloomberg
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