Generali's second-largest shareholder Caltagirone resigns from board

Caltagirone Editore SpA

14/01/2022 01:07

Jan 13 (Reuters) - Europe's third-largest insurer
Assicurazioni Generali  GASI.MI  said on Thursday that director
Francesco Caltagirone has resigned from the board amid a
boardroom fight between top investors regarding the
reappointment of Generali CEO Philippe Donnet.
    A construction and newspaper magnate, Caltagirone is
Generali's second-biggest investor with an 8.04% stake. He has
opposed the reappointment of Donnet, who is backed by Generali's
leading investor Mediobanca  MDBI.MI  and a majority of board
members.
    Generali said in a statement https://www.generali.com/media/press-releases/all/2022/Resignation-of-Vicarious-Vice-Chair-Francesco-Gaetano-Caltagirone
 Caltagirone felt thwarted by  the board's working methods,
particularly its handling of a strategic plan, treatment of
privileged information and relations with the media and other
shareholders. 
    Generali Group's Chairman Gabriele Galateri di Genola
rejected the reasons given by Caltagirone and said that the
company has always conducted its business with absolute
transparency and rigorous fairness.
    Caltagirone began his offensive in April when he snubbed a
general meeting to approve Generali's results. In September, he
struck an accord with Leonardo Del Vecchio, the eyewear
billionaire who is the third-largest investor in Generali, to
consult on decisions about the company.
    Smaller Generali investor CRT later joined the consultation
pact which represents a combined stake of more than 16% after
Caltagirone and Del Vecchio upped their holdings in recent
months.
    To counter their influence, Mediobanca has borrowed shares
to reach a 17% voting stake. The two fronts will face off at an
April general meeting to appoint a new board.
    Caltagirone and Del Vecchio are ready to back an alternative
CEO candidate and present their own slate of candidates for the
board, people close to the matter have told Reuters.

 (Reporting by Shivani Tanna and Maria Ponnezhath in Bengaluru
and Valentina Za in Italy; Editing by Cynthia Osterman)
 ((ShivaniJayesh.Tanna@thomsonreuters.com;))