MILAN (Reuters) -Italy's leading insurer Generali said the representative of its third-largest investor Leonardo Del Vecchio has resigned from the board, as a rift between the group and two of its leading shareholders deepens. The resignation of Romolo Bardin comes after Generali's second-biggest investor, Francesco Gaetano Caltagirone, quit the board and his role as deputy chairman last week. Italian billionaires Caltagirone, 79, and Del Vecchio, 86, are opposing the reappointment of Generali CEO Philippe Donnet, in a challenge to Generali's single biggest shareholder Mediobanca.
An agreement between Generali shareholders remains intact after Francesco Gaetano Caltagirone resigned from the board of Europe's third-largest insurer, a source close to one the shareholders said on Friday. A construction and newspaper magnate, Caltagirone is Generali's second-biggest investor with an 8.04% stake. In September Caltagirone struck an accord with Generali's third-largest investor, the eyewear billionaire Leonardo Del Vecchio, and with smaller shareholder CRT to oppose the reappointment of Generali CEO Philippe Donnet.
MILAN (Reuters) -A boardroom battle at Generali has escalated after the No.2 investor in Italy's biggest insurer resigned from the board in a challenge to the reappointment of CEO Philippe Donnet. Donnet's bid for a new term as chief executive is at the centre of a struggle among Generali's biggest investors, including construction and newspaper magnate Francesco Gaetano Caltagirone, who stepped down from the board on Thursday. "It seems we may be reaching some 'crunch point'," Autonomous Research said.