Italian insurance coverage big Generali has reappointed Philippe Donnet as its CEO for an additional three-year time period following a shareholder vote on the firm’s annual common assembly (AGM).
The listing proposed by Mediobanca, Generali’s largest shareholder with a 13% stake, secured 52.38% of the vote, making certain 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 ability, professionalism and independence. I’m additionally grateful to all the administrators for making certain a constructive and respectful dialogue with our administration workforce.”
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 issues concerning the deal.
Donnet added: “Final month, we introduced our 2024 monetary outcomes, which we’re submitting to your approval at the moment and which have been glorious as soon as extra. Underpinned by the necessary outcomes achieved over the past 9 years, I’m satisfied that Generali will probably 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 accredited 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 web results of €3.8bn ($4.31bn) for 2024, a 5.4% improve in contrast with €3.5bn a yr in the past.
