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Generali’s appointment committee backs keeping Donnet as CEO

by Mike Robinson

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© Reuters. FILE PHOTO. The Generali logo can be seen on the tower of the company in Milan’s CityLife area, Italy. November 5, 2018. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) – Generali (MI:)’s appointment committee decided on Friday to propose to the board that it finalise a slate of nominees for the board renewal keeping Chief Executive Philippe Donnet in his job for another mandate, two sources close to the situation told Reuters.

Sources said that the majority of Generali shareholders attended the resolution of the appointment panel.

Generali’s board met Monday to decide whether it would like to present its slate of nominees including Donnet. This is ahead of the general meeting in spring next year to elect new directors.

Francesco Gaetano Caltagirone (construction magnate), Leonardo Del Vecchio, the eyewear billionaire and Fondazione CT formed a shareholder agreement, which holds 12.5% of Generali. This allows Generali to be consulted over any decisions.

Caltagirone & Del Vecchio have put pressure on Donnet, they consider his strategy for mergers and acquisitions too ambitious. However, Donnet still has the support of Mediobanca, Italy’s largest investment bank, and main Generali investor, with 17% voting rights.

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