Generali

Roberta Neri had been offered the position to replace the insurer's second-largest shareholder Francesco Gaetano Caltagirone, who quit the board last month.

The tycoon spearheaded efforts to oust CEO Philippe Donnet, which failed at last month’s AGM.

Net profit decreased by 9.3% to EUR727mn due exposure to Russian fixed income instruments and its stake in Russian carrier Ingosstrakh.

Rebel directors including Caltagirone have refused to serve on committees.

Generali’s list of nominees received 56.8% of the vote, while the rebels received 42.2%.

The family owns 4% of the carrier via its investment vehicle Edizione.

The pair will look to develop parametric products to protect some of the world’s most vulnerable regions.

Current Generali CEO Philippe Donnet said the rebel plan puts the firm’s dividend targets at risk.

Del Vecchio also backed the need for “major and transformative transactions” to pursue growth.

Billionaire investor Francesco Gaetano Caltagirone had promoted the executive as a potential leader last week.

The plan outlines an aggressive M&A strategy, as well as increased InsurTech investment, expansion plans and a target to lift earnings by more than 14% annually until 2024.

CEO of Generali Deutschland Giovanni Liverani will take over from Luciano Cirinà, as interim head of Austria, Central and Eastern Europe with immediate effect.