MILAN (Reuters), Insurer Generali said Wednesday that it suspended Luciano Cirina (Insurer Generali:), its chief of Austria and CEE nations. He had been suggested by a major shareholder to take over the position of chief executive, challenging incumbent Philippe Donnet.

At a shareholders vote in late February, the leading Italian insurer will be facing power struggles over its board composition.

Donnet has been elected by the board to serve a third term. The new chairman will be Andrea Sironi. Sironi is an internationally recognized expert in governance management and risk management and has previously served as Bocconi University’s dean.

These nominees were backed by Mediobanca (OTC) Generali, the major shareholder.

Francesco Gaetano Caltagirone (Italian tycoon) and Leonardo Del Vecchio (third-largest Investors in Generali), are opposed to Donnet being reappointed as they question the power of Mediobanca.

Caltagirone proposed his own list of nominees for Cirina’s role as CEO. Frenchman Donnet was in that position since 2016 and Claudio Costamagna is the former Chairman of CDP (Goldman Sachs) and banker.

Cirina und Costamagna will hold a press conference in Milan on Friday.

Generali assured Cirina all of the obligations in his contract remained in effect, including the protection and respect of sensitive company information.

Giovanni Liverani (head of the German unit) will be taking over as interim Austria and Central and Eastern Europe regional officer (ACEE). This effect takes place immediately