Generali
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The move comes in the wake of a major leadership battle, in which several powerful shareholders tried to oust CEO Philippe Donnet. -
Francesco Gaetano Caltagirone, Generali’s second-largest shareholder, has reportedly lined up Luciano Cirinà to replace him.
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Roberta Neri had been offered the position to replace the insurer's second-largest shareholder Francesco Gaetano Caltagirone, who quit the board last month.
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The tycoon spearheaded efforts to oust CEO Philippe Donnet, which failed at last month’s AGM.
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Net profit decreased by 9.3% to EUR727mn due exposure to Russian fixed income instruments and its stake in Russian carrier Ingosstrakh.
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Rebel directors including Caltagirone have refused to serve on committees.
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Generali’s list of nominees received 56.8% of the vote, while the rebels received 42.2%.
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The family owns 4% of the carrier via its investment vehicle Edizione.
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The pair will look to develop parametric products to protect some of the world’s most vulnerable regions.
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Current Generali CEO Philippe Donnet said the rebel plan puts the firm’s dividend targets at risk.
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Del Vecchio also backed the need for “major and transformative transactions” to pursue growth.
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Billionaire investor Francesco Gaetano Caltagirone had promoted the executive as a potential leader last week.
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