Generali board reappoints CEO without backing from rogue investors: sources

Generali’s board on Monday reappointed Philippe Donnet as chief executive with 10 out of 13 votes, two sources said, after a group of rebel Italian investors seeking to oust him lost in a shareholder vote last week.

The two sources with knowledge of the case indicated that Francesco Gaetano Caltagirone, leader of the opposition to Donnet and investor n°2 of Generali with a stake of 9.95%, voted against his renewal. Generali declined to comment.

Another of the three directors Caltagirone managed to appoint to Generali’s board also voted against, while the third abstained. Academic Andrea Sironi was unanimously named president, one of the sources said.

Monday’s board vote on Donnet’s third term as CEO of Generali was seen as the first test of whether investor tensions at the heart of Europe’s third-largest insurer would ease after the shareholder verdict of Friday.

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

Generali Life Assurance (Thailand) Plc.

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