Insurer Generali stated on Wednesday it had suspended Luciano Cirina, its head of Austria and CEE nations, who has been proposed by a number one shareholder for the function of chief govt in a problem to incumbent Philippe Donnet.
The highest Italian insurer is going through an influence wrestle over its board composition at a shareholder vote late subsequent month.
The outgoing board has put ahead Donnet for a 3rd time period as CEO and nominated Andrea Sironi, a number one worldwide skilled in governance and threat administration who has served as dean of Milan’s Bocconi College, as new chairman.
These nominees are backed by Generali’s main shareholder Mediobanca.
Italian tycoons Francesco Gaetano Caltagirone and Leonardo Del Vecchio who’re, respectively, Generali’s second- and third-largest buyers, are opposing Donnet’s reappointment as they problem the affect of Mediobanca.
Caltagirone has submitted his personal slate of nominees proposing Cirina as CEO, a task that Frenchman Donnet has held since 2016, and Claudio Costamagna, a former Goldman Sachs banker and former chairman of Italian state investor CDP, as chairman.
Cirina and Costamagna plan to carry a information convention on Friday in Milan.
Generali advised Cirina that each one obligations of his contract stay in power, together with these associated to the safety of confidential firm info and compliance with inner insurance policies concerning relations with the media, monetary analysts, score businesses, buyers and authorities, it stated.
The pinnacle of German unit Giovanni Liverani will take over as interim Austria and Central and Japanese Europe (ACEE) regional officer with fast impact.
(Reporting by Gianluca Semeraro, modifying by Maria Pia Quaglia and Keith Weir)
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