MILAN, Sept 11 (Reuters) – Two main Generali (GASI.MI) traders are able to push to interchange present CEO Philippe Donnet if the highest Italian insurer’s board fails to achieve an accord to maintain him within the job, three sources near the matter mentioned.
The Trieste-based insurer is because of appoint a brand new board subsequent spring and hypothesis over Donnet’s future has mounted in current months as tensions amongst shareholders simmer.
In an indication battle strains are being drawn, the 2 Generali traders, Francesco Gaetano Caltagirone and Leonardo Del Vecchio, on Saturday disclosed a pact to seek the advice of over choices regarding Generali..
Donnet’s reappointment is within the arms of Generali’s board which for the primary time can submit its personal slate of board candidates after the insurer modified its by-laws final yr.
The sources mentioned the 2 businessmen, who struck the pact over a mixed 10.95% stake, are able to file their very own checklist of board nominees. The checklist wouldn’t embody the present CEO although he’s keen to run for one more mandate, they mentioned.
Donnet is already engaged on a brand new marketing strategy for Generali due in December after steering the corporate by the COVID-19 disaster and retaining it on monitor to totally meet objectives beneath the present plan by to end-2021.
Donnet at the moment enjoys the backing of Alberto Nagel, the CEO of Milanese financial institution Mediobanca (MDBI.MI), which is Generali’s prime investor with a 12.9% stake, in addition to many board members on the insurer.
Del Vecchio and Caltagirone are additionally, respectively, the first- and second-biggest investor in Mediobanca.
Over the previous yr, nonetheless, each Caltagirone, whose companies span development to publishing, and Del Vecchio, the founding father of Ray-Ban proprietor Luxottica, have been crucial of Donnet’s technique which they deem too cautious in looking for merger and acquisition alternatives.
In line with one of many sources, the 2 businessmen might additionally suggest a brand new chairman with a well-established worldwide profile to supervise Generali’s progress methods.
A compromise amongst shareholders remains to be attainable, one other of the sources mentioned, and one answer could possibly be the appointment of a managing director backed by each Del Vecchio and Caltagirone who would work alongside Donnet.
Nonetheless, positions are nonetheless far aside, the sources mentioned, forward of a key assembly on Sept. 27 when Generali’s board will kick off proceedings to submit its personal checklist of nominees. read more
Earlier than that, in an obvious try to seek out frequent floor, Generali non-executive board members will meet on Sept. 14, a fourth supply mentioned. Donnet is not going to attend the assembly as he’s an govt member, the supply added.
Reporting by Claudia Cristoferi and Gianluca Semeraro, modifying by Valentina Za, Ros Russell and Christina Fincher
Our Requirements: The Thomson Reuters Trust Principles.