The suspension of the head of Austria and the Eastern Europe region Luciano Cirina, vying for the post of director, comes “with immediate effect and until further notice”.
Italy’s number one insurance company, Generali, announced on Wednesday that it had suspended Luciano Cirina, head of Austria and the Eastern Europe region who is in the running for the post of CEO, thus challenging Philippe Donnet, candidate for a third term.
This suspension of Mr. Donnet’s rival comes “with immediate effect and until further notice,” Generali said in a statement. His “interim” replacement will be Giovanni Liverani, head of Generali Germany.
Mr. Cirina was proposed for the post of general manager by the construction magnate Francesco Gaetano Caltagirone, second shareholder of Generali, who opposes the renewal of Mr. Donnet, at the helm of the insurer since 2016.
Mr. Caltagirone presented in mid-March a list of thirteen candidates which will be submitted to the vote of the general meeting of shareholders scheduled for April 29, competing with the one previously approved by the outgoing board of directors which also includes thirteen candidates, including Mr Donnet.
Mr. Caltagirone and his ally Leonardo Del Vecchio, founder of the eyewear manufacturer Luxottica, which holds a 6.6% share, are vying for control of the insurer with Mediobanca, the main shareholder with 12.8% of the capital but 17, 2% of voting rights.
Mr. Caltagirone had slammed the door of the board of directors with a bang in mid-January, followed shortly following by the representative of Mr. Del Vecchio.
As chairman of the board, Caltagirone is proposing Claudio Costamagna, a former Goldman Sachs banker who chaired Italy’s Caisse des Depots (CDP) from 2015 to 2018.
The outgoing board of directors has chosen as its candidate for this position Andrea Sironi, president of Borsa Italiana and professor of economics at Bocconi University in Milan.
Mr. Donnet published his growth-oriented 2022-24 plan in December, in which Generali notably undertakes to return between 5.2 and 5.6 billion euros to its shareholders by 2024 in the form of dividends.
The slingers will publish on their side Friday an alternative strategic plan, more ambitious according to them.
