ROME (Reuters). Romolo bardin, the Chief Executive at Leonardo del Vecchio’s holding company Delfin has resigned as a member of Generali (MI:), Italy’s leading insurer, said Monday in a statement.

Bardin’s exit follows the one of Generali’s second largest investor, Francesco Gaetano Caltagirone (Italian entrepreneur) – which took place on Thursday in an attempt to challenge Philippe Donnet for his re-election as Chief Executive.

Donnet’s quest for a new term is the center of an ongoing struggle between Generali’s top investors. These include Caltagirone as well as Del Vecchio, eyewear magnate.

Generali’s top investor Mediobanca (OTC) backs Donnet and the majority of its board members.

Delfin, with 6.618% of the stake in Generali is the third largest investor. Caltagirone has 8.04% stake in Generali. Mediobanca holds 12.8%.

“Bardin mentioned operating procedures and certain choices of Board members and Committees where he participated, in particular the process of the creation of the Board list as the reasons for his decision,” said the statement.

Gabriele Galateri di Genola, Generali Chairman, said that he regrets Bardin’s decision. He stated that his company operated “accordingly to the standards for absolute transparency and rigorous fairness in the interests of all stakeholders.”