Major Generali shareholders plan to ask CEO not to present new business plan: report

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

MILAN – Shareholders representing around 16% of Generali are ready to ask the CEO not to present a 2022-2024 business plan, a move that would call into question the insurer’s leadership, the daily La Repubblica reported on Thursday. .

Generali CEO Philippe Donnet, whose term expires next spring, is due to present a new business plan in December.

Italian businessmen Francesco Gaetano Caltagirone and Leonardo Del Vecchio, as well as Edizione, the holding company of the powerful Benetton family, and the Fondazione CRT banking foundation, are preparing to ask Donnet not to submit his new strategic plan, according to the newspaper.

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Tensions between investors in Italy’s largest insurer have increased ahead of the board renewal next year.

Caltagirone, whose business empire spans from construction to publishing, is Generali’s second largest shareholder. He recently increased his stake in Mediobanca, Generali’s largest investor with a 13% stake.

The entrepreneur snubbed the company’s annual general meeting in April in the first public sign that he is not happy with the balance of power among shareholders, sources said.

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His two investments in Mediobanca and Generali mirror those of another billionaire, Leonardo Del Vecchio, 86-year-old founder of eyewear giant Luxottica and third investor in Generali. Del Vecchio also criticized some of the insurer’s strategic moves over the past year. Earlier this month he increased his stake in Mediobanca to 18.9%

Caltagirone, Leonardo del Vecchio and the Benetton family declined to comment on the report when contacted by Reuters.

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La Fondazione CRT was not immediately available for comment.

Generali declined to comment.

(Reporting by Maria Pia Quaglia and Stefano Bernabei; editing by Edmund Blair)

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