Assicurazioni Generali SpA announced that its second largest investor, Francesco Gaetano Caltagirone has resigned from the board. with immediate effect.
Caltagirone had led an “uprising” on the board. for the overthrow of the managing director of the Italian insurance company, and to install his own members of the board.
However, the current CEO was re-elected to the annual general meeting of shareholders in April, retaining his position, although Caltagirone secured enough votes to retain his seat on the board.
The reasons for the resignation of Caltagirone have not been made known.
Holding company Caltagirone controls 9.95% of Generali shares, and is the second largest behind Mediobanca.
The BoD Generali will be called upon in the coming days to decide on his replacement.
Source: Capital
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