Italy’s largest insurer Generali stated on Tuesday Sabrina Pucci had resigned from its board for private causes, the third director to step down in lower than two weeks.
Generali’s second-largest shareholder Francesco Gaetano Caltagirone stop the board on Jan. 13, adopted days later by a consultant for Leonardo Del Vecchio, the group’s third-biggest investor.
Del Vecchio and Caltagirone oppose the proposed reappointment of Generali CEO Philippe Donnet in a problem to the insurer’s single largest shareholder Mediobanca, folks with data of the matter have stated.
In quitting the board, each criticized the steps adopted by the insurer to resume the board, whose mandate expires in April.
Pucci, an unbiased board member, in September had voted towards a decision by Generali’s board to file a slate of recent board nominees for shareholders to vote upon within the spring – together with Donnet as CEO.
In December, nevertheless, she backed Donnet’s strategic plan, which was rejected as a substitute by Caltagirone.
Following a question by Caltagirone, Italy’s market regulator Consob on Friday concluded a assessment of Generali’s board nomination process, deeming it reliable.
(Reporting by Gianluca Semeraro; modifying by Valentina Za)
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