Majority of Generali Directors Supports Third Mandate for CEO Philippe Donnet
15 September 2021 - 8:10AM
Dow Jones News
By Mauro Orru
Assicurazioni Generali SpA said late on Tuesday that the
majority of its board backs Chief Executive Officer Philippe Donnet
for a third mandate, in a show of support for the executive at a
time when some shareholders seek a change in management.
The Italian insurer said that nonexecutive members of the board
took notice of Mr. Donnet's availability, saying the outgoing board
could put forward Mr. Donnet's name as CEO in its own slate of
nominees.
"The majority of the nonexecutive members of the board have
expressed their appreciation of the work undertaken and the results
achieved by Philippe Donnet," Generali said.
The announcement comes just days after billionaires Francesco
Gaetano Caltagirone and Leonardo Del Vecchio struck a deal to use
their combined shareholding in Generali to push for a "more
profitable and effective management" of the company.
Messrs. Caltagirone and Del Vecchio--who together control nearly
11% of the insurer--agreed to consult each other, with particular
emphasis on the appointment of a new board of directors ahead of
the company's shareholder meeting next year.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 15, 2021 01:55 ET (05:55 GMT)
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