Italian insurance coverage big Generali has reappointed Philippe Donnet as its CEO for one more three-year time period following a shareholder vote on the firm’s annual normal assembly (AGM).
The checklist proposed by Mediobanca, Generali’s largest shareholder with a 13% stake, secured 52.38% of the vote, guaranteeing Donnet’s appointment.
The coalition led by Delfin and Francesco Gaetano Caltagirone, which collectively management 17% of Generali, secured 36.8% of the vote.
Mediobanca additionally retained ten seats on the board, together with chairman Andrea Sironi, whereas Caltagirone’s group secured three.
Donnet has been serving as the corporate CEO since 2016, reported Reuters.
Donnet mentioned: “I wish to sincerely thank Chairman Sironi for main the outgoing Board with the utmost talent, professionalism and independence. I’m additionally grateful to all the administrators for guaranteeing a constructive and respectful dialogue with our administration group.”
The appointment drew media consideration following Generali’s entry right into a non-binding memorandum of understanding with French banking group BPCE to mix their asset administration operations.
A number of media experiences indicated that Mediobanca was in favour of the proposed deal and Donnet appointment, whereas the Italian Authorities and Caltagirone expressed considerations concerning the deal.
Donnet added: “Final month, we offered our 2024 monetary outcomes, which we’re submitting in your approval at this time and which had been wonderful as soon as extra. Underpinned by the vital outcomes achieved over the past 9 years, I’m satisfied that Generali shall be much more profitable going ahead, and I’m assured that ‘Lifetime Companion 27: Driving Excellence’ is the absolute best technique to realize this.”
The AGM additionally accepted the Group’s Lengthy Time period Incentive Plan (LTIP) for 2025–27, authorising the acquisition and disposal of as much as 7.2 million treasury shares to help the plan.
Generali reported an adjusted internet results of €3.8bn ($4.31bn) for 2024, a 5.4% enhance in contrast with €3.5bn a 12 months in the past.
