Italian insurance coverage large Generali has issued a press release following experiences suggesting that group chief govt Philippe Donnet is presumably dealing with non-renewal when his mandate on the insurer’s helm expires in 2022.
“The non-executive members of the board of Generali, in a gathering held on September 14, 2021, have taken word of the provision of the group CEO, Philippe Donnet, to stay chief govt officer for a 3rd mandate,” mentioned the Trieste-headquartered firm, about 11% of which is reportedly owned by enterprise tycoons Francesco Gaetano Caltagirone and Leonardo Del Vecchio.
“In mild of this, nearly all of the non-executive members of the board have expressed their appreciation of the work undertaken and the outcomes achieved by Philippe Donnet, welcoming this availability in view of – ought to the outgoing board proceed with the presentation of a slate for the renewal of the board – his inclusion within the aforementioned slate as chief govt officer additionally for the subsequent mandate.”
As beforehand reported, Caltagirone and Del Vecchio are mentioned to be eager on seeing a management overhaul at Generali. In keeping with Bloomberg sources, the 2 traders may suggest a Donnet-less line-up as a part of the duo’s transfer in the direction of a administration that they imagine can be more practical and worthwhile.
Caltagirone, who serves as deputy vice chairman at Generali, is a part of the appointments and remuneration committee; company governance, social, and environmental sustainability committee; investments committee; and strategic operations committee. He has been a Generali board member since 2007.
The insurer’s boss, in the meantime, has been with Generali since becoming a member of in 2013 because the group’s nation supervisor for Italy and chief govt of Generali Italia S.p.A. Donnet took the highest put up at Assicurazioni Generali S.p.A. in 2016. He succeeded Mario Greco, who had moved on to steer Zurich Insurance coverage Group.
Greater than a month in the past, Donnet instructed Bloomberg that it was nonetheless “a bit early” to be speaking a couple of potential new time period for him as Generali CEO.