Finance

Generali board names Donnet as CEO without backing from rebel list’s directors-sources

Philippe Donnet, CEO of the Italian insurance coverage firm Generali, is seen earlier than shareholders assembly in Trieste, Italy, April 27, 2017. REUTERS/Remo Casilli

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MILAN, Could 2 (Reuters) – The board of Generali (GASI.MI) on Monday reappointed Philippe Donnet as chief govt with 10 votes in favour out of 13, two sources stated, after a bunch of insurgent Italian traders looking for to oust him misplaced out in a shareholder vote final week.

The 2 sources with information of the matter stated Francesco Gaetano Caltagirone, who led the opposition to Donnet and is Generali’s No.2 investor with a 9.95% stake, voted in opposition to his reappointment. Generali declined to remark.

One other of the three administrators that Caltagirone has managed to nominate to Generali’s board additionally voted in opposition to, whereas the third one abstained. Educational Andrea Sironi acquired unanimously appointed as chairman, one of many sources stated.

Monday’s board vote over Donnet’s third time period as CEO at Generali was seen as the primary check of whether or not investor tensions on the coronary heart of Europe’s third-largest insurer would subside after Friday’s shareholder verdict. learn extra

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Reporting by Gianluca Semeraro and Stefano Bernabei; writing by Valentina Za;

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