A number one Generali shareholder on Tuesday proposed naming the Italian insurer’s head of Austria as its new chief government, 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 buyers, 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 mentioned in a press release he was proposing Luciano Cirina, Generali’s present head of Austria and central and jap Europe, for the place of chief government.
“Underneath his management, that space has posted the stronger development in recent times,” Caltagirone mentioned.
“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 inside the group because the pure successor to the present CEO, having fun with nice respect by all employees.”
Underneath Donnet, Generali has delivered larger whole returns for shareholders than rivals corresponding to AXA and Allianz and analysts had mentioned Caltagirone wanted a powerful title to problem a CEO who has delivered on targets.
Strengthening Donnet’s hand, Generali on Tuesday posted a record operating profit 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 just below 8% within the insurer, in line with newest out there knowledge. After stepping down from Generali’s board earlier this yr he’s not obligated to reveal his stakebuilding except he crosses the ten% threshold.
A consultant for Del Vecchio has additionally stop 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 brief 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; modifying 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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