Italy’s largest insurance general, Generali, has said that the representative of its third largest investor, Leonardo Del Vecchio, has resigned from the board as the rift between the group and two of its top shareholders deepens.
Romolo Bardin’s resignation comes after Generali’s second-largest investor, Francesco Gaetano Caltagirone, resigned from his post and vice president last week.
Italian billionaires Caltagirone and Del Vecchio, 79 and 86 respectively, oppose the reappointment of Generali CEO Philippe Donnet in a challenge to Generali’s only major shareholder, Mediobanca.
Their resignations come as Generali prepares to begin the process of compiling a list of candidates for a new board. in April.
The BoD Generali meets on Tuesday to begin examining an initial list of candidates, a Reuters source said.
Donnet, backed by Mediobancz, has secured the support of a majority of its board members in its bid to win a third term as shareholder in April.
Caltagirone and Del Vecchio plan to nominate their own CEO as part of a separate list of candidates for the board, Reuters sources said.
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Source From: Capital
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