Generali's Second-Largest Investor Caltagirone Resigns From Board
14 Enero 2022 - 02:21AM
Noticias Dow Jones
By Ed Frankl
Assicurazioni Generali SpA said late Thursday that its
second-largest shareholder has resigned from the board, amid a
boardroom battle over the direction of Chief Executive Philippe
Donnet.
Industrial and media magnate Francesco Gaetano Caltagirone chose
to step down citing disagreements with the board's presentation and
approval of the company's strategy, approach to privileged
information, and handling of the media and other major
shareholders, Generali said in a statement.
"The reasons given can only be categorically rejected as the
company has always conducted its business according to criteria of
absolute transparency and rigorous fairness," Generali Chairman
Gabriele Galateri di Genola said.
Italy's largest insurer has been beset by infighting among some
of its board members, with Leonardo Del Vecchio, billionaire
chairman of Franco-Italian eyewear company EssilorLuxottica SA,
also publicly expressing his desire to change the company's
leadership.
In September, Mr. Caltagirone and Mr. Del Vecchio joined with
nonprofit Fondazione CRT to push for a "more profitable and
effective management" of the Trieste-based company, with Italian
media citing their desire to pump up its asset-management
operations.
The decision by Mr. Donnet to boost dividends to Generali
investors and start a 500 million euro ($572.7 million)
share-buyback program in December was widely seen as a move to
shore up his position at the top of the company.
Mr. Caltagirone and his companies currently hold a stake of
8.04% in the company, Generali said, and together with Mr. Del
Vecchio and CRT control 15%, challenging the insurer's largest
shareholder Mediobanca SpA, which controls 17.25%.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
January 14, 2022 03:06 ET (08:06 GMT)
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