Generali suspends Donnet's internal rival in CEO race



MILAN, March 23 (Reuters) - Insurer Generali GASI.MI said on Wednesday it had suspended Luciano Cirina, its head of Austria and CEE countries, who has been proposed by a leading shareholder for the role of chief executive in a challenge to incumbent Philippe Donnet.

The top Italian insurer is facing a power struggle over its board composition at a shareholder vote late next month.

The outgoing board has put forward Donnet for a third term as CEO and nominated Andrea Sironi, a leading international expert in governance and risk management who has served as dean of Milan's Bocconi University, as new chairman.

Those nominees are backed by Generali's major shareholder Mediobanca MDBI.MI .

Italian tycoons Francesco Gaetano Caltagirone and Leonardo Del Vecchio who are, respectively, Generali's second- and third-largest investors, are opposing Donnet's reappointment as they challenge the influence of Mediobanca.

Caltagirone has submitted his own slate of nominees proposing Cirina as CEO, a role that Frenchman Donnet has held since 2016, and Claudio Costamagna, a former Goldman Sachs banker and former chairman of Italian state investor CDP, as chairman.

Cirina and Costamagna plan to hold a news conference on Friday in Milan.

Generali told Cirina that all obligations of his contract remain in force, including those related to the protection of confidential company information and compliance with internal policies regarding relations with the media, financial analysts, rating agencies, investors and authorities, it said.

The head of German unit Giovanni Liverani will take over as interim Austria and Central and Eastern Europe (ACEE) regional officer with immediate effect.
Reporting by Gianluca Semeraro, editing by Maria Pia Quaglia and Keith Weir

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.