Assicurazioni Generali has said that non-independent director Francesco Gaetano Caltagirone has resigned from the Board with immediate effect for undisclosed reasons.
It also said that Caltagirone, directly or through companies related to him, holds a stake of the share capital of Assicurazioni Generali S.p.A. equal to 9.95% and that the board will come together soon to discuss his replacement.
This news comes after weeks of entanglements and internal politics at the Italian subsidiary of Generali.
In April, Reinsurance News reported that shareholders voted in favour of keeping current Chief Executive Officer (CEO), Philippe Donnet, in his role with a margin of ~56% of voting capital in favour. Donnet’s term had been threated by Caltagirone and Leonardo Del Vecchiop, with the former producing his own list of board nominees.
A Reuters report stated that Caltagirone preferred Luciano Cirina for the CEO role, who previously led Generali’s Austria and CEE business until March, 2022, when he left the company, and has since been fired.