The chairman of Italy’s greatest insurer Generali mentioned he is not going to search one other time period, including he regretted present tensions between traders.
Gabriele Galateri di Genola, within the position since 2011, mentioned in a letter to the board that he would proceed as chairman solely till April, when Generali’s board comes up for renewal.
“I’ll depart the board in full concord,” Galateri wrote in a letter seen by Reuters on Wednesday.
His departure comes at a fragile time for Generali, with influential traders against the retention of Philippe Donnet as chief government.
The reappointment of Donnet has been opposed by development magnate Francesco Gaetano Caltagirone and fellow Italian billionaire Leonardo Del Vecchio, founding father of eyewear big Luxottica, who’re each Generali traders.
The pair need the insurer to be extra bold in increasing through acquisitions. Nevertheless, Donnet retains the help of Mediobanca, the main Generali shareholder, forward of a crunch shareholder assembly on the finish of April.
Previous to turning into chairman, Galateri held the position of deputy chairman for seven years.
(Reporting by Valentina Za; writing by Keith Weir; enhancing by Cristina Carlevaro and Michael Urquhart)
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