Generali’s appointment committee backs keeping Donnet as CEO – sources

September 24, 2021

MILAN (Reuters) – Generali’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.

The resolution of the appointment committee, which was attended by representatives of Generali’s main shareholders, was taken by a majority vote, the sources added.

Generali’s board meets on Monday to discuss whether to submit its own slate of nominees, including Donnet, ahead of a general meeting next spring to name new directors.

Construction magnate Francesco Gaetano Caltagirone, eyewear billionaire Leonardo Del Vecchio and Fondazione CRT struck a shareholder pact, which controls a combined 12.5% of Generali, to consult over decisions concerning Generali.

Donnet has come under pressure from Caltagirone and Del Vecchio, who consider his merger and acquisitions strategy insufficiently ambitious, sources have previously said, but has the backing of Mediobanca, Italy’s top investment bank and the main Generali investor with a 17% of voting rights.

(Reporting by Gianluca Semeraro and Claudia Cristoferi; editing by Kirsten Donovan)

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