MILAN — Two leading Generali investors are ready to push to replace current CEO Philippe Donnet if the Italian insurer’s board fails to reach an accord to keep him in the job, three sources close to the matter said.
The two leading investors, Francesco Gaetano Caltagirone and Leonardo Del Vecchio, on Saturday disclosed a pact to consult over decisions concerning Generali.
The two businessmen, respectively the second- and third-largest investors in Generali, have been upping their holdings lately and they struck the pact over a combined 10.95% stake.
The three sources said the two businessmen are ready to file their own list of nominees for Generali’s board when it comes up for renewal in the spring.
The list, the sources said, would not include Donnet, who is ready to run for another mandate as CEO and currently has the backing of Generali’s top investor Mediobanca and many board members.
Under Generali’s by-laws, the board can submit its own list of candidates for its renewal. (Reporting by Claudia Cristoferi and Gianluca Semeraro, editing by Valentina Za)