Exor picks Nohria as new chairman to succeed World Bank nominee Banga (updated)
17/04/2023 09:33
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Profit rose to 4.2 bln euro in 2022 form 1.7 bln euros
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Net Asset Value fell 9.1% in 2022 to 28.2 bln euros
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Net cash position positive for 0.8 bln euros at end-2022
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Proposes dividend of 100 mln euros or 0.44 euros per share
(Adds details form statement, context)
MILAN, April 17 (Reuters) - Ajay Banga, the U.S. nominee
to run the World Bank, will not seek reappointment as the
chairman of Exor, the holding company of Italy's Agnelli family,
Exor said on Monday.
Indian-born Banga, 63, the former CEO of Mastercard, was
picked earlier this year by U.S. President Joe Biden to head the
World Bank, and the development bank's executive board has said
it will consider only Banga as a nominee to become its next
president.
Netherlands-based Exor has proposed Nitin Nohria as its new
non-executive chairman, it said in a statement as it presented
its full-year results. The designation will have to be backed by
shareholders at their general meeting on May 31.
Nohria, a Harvard Business School professor with an academic
focus on leadership and corporate performance, is the executive
chairman of U.S. venture capital firm Thrive Capital and is a
board member of companies including Anheuser-Busch InBev
ABI.BR .
Exor is the single largest investor in carmaker Stellantis
and has controlling stakes in companies including Ferrari
RACE.MI , CNH Industrial CNHI.MI and soccer club Juventus
JUVE.MI .
It said its profit rose to 4.227 billion euros ($4.64
billion) last year, from 1.717 billion euros in 2021.
The result was mainly attributable to the net gain it booked
from the 8.6 billion euro sale of reinsurer PartnerRe, which was
partially offset by lower profits from its subsidiaries and
associates, including potential losses from PartnerRe's fixed
income portfolio.
The holding company's net asset value (NAV) amounted to
28.233 billion euros at the end of 2022, 9.1% lower then a year
earlier.
Exor proposed an ordinary dividend of 100 million euros, or
0.44 euros per share.
Exor said that in the first months of 2023 it had increased
investments in its private funds strategies by 400 million euros
and committed for a further 300 million euros.
It added it had invested in February an additional $50
million in U.S.-based shared mobility company Via
Transportation, bringing its stake to 18%.
($1 = 0.9102 euros)
(Reporting by Giulio Piovaccari
Editing by Keith Weir)
((giulio.piovaccari@thomsonreuters.com))