Twist at Cattolica Assicurazioni: the board of directors of the Veronese company, which met this afternoon, suddenly revoked the CEO Alberto Minali the operational powers and, having consulted the Appointments Committee, conferred all powers on the General Manager, Carlo Ferraresi. The news came after closed markets, like a bolt from the blue, and was explained through a statement released by the company at the end of the board meeting.
“The Board of Directors – explains the note – has ascertained and acknowledged that a divergence of vision with the managing director gradually occurred as regards the corporate organisation, the strategic scenarios and relations with the shareholders and with the market, with the consequence of a non-fluid, relaxed and positive position of the managing director towards the Board of Directors and an insufficient harmony and organicity in the respective skills".
Minali is contested - above all by the shareholders headed by president Paolo Bedoni - the propensity towards the transformation of governance from the cooperative company to the joint-stock company, despite the very eve of the CEO having confirmed to FIRSTonline that the current governance is "satisfactory" and that "transformation into a spa is not on the agenda". And despite the leadership of Minali had aroused the interest of Warren Buffett and about twenty American funds that have invested in the Cattolica.
The anti-Minali blitz is intended to raise discussions and re-propose the question of the compatibility or otherwise for medium-sized companies between listing on the Stock Exchange and cooperative-type governance where in meetings people vote for each person, regardless of the shareholding held. In practice Warren Buffett, who holds 9% of the capital and the 20 American funds that followed his example, count as the two of spades and have been able to say nothing about Minali's defenestration, except possibly deciding on the sale of their shares.
Alberto Minali, born in Verona in 1965, graduated from Bocconi and with a past at Generali (of which he was also CFO and then General Manager), he therefore leaves the leadership of Cattolica Assicurazioni after less than two and a half years: he had in fact become CEO of the Venetian insurance company on 1 June 2017. His powers go to Carlo Ferraresi, 53, general manager of Cattolica Assicurazioni since 2017. The manager has been with the group since 2012, as finance director and investor relations manager, while previously he was managing director at Credit Agricole.
"The Board of Directors - continues the note - confirmed the will to pursue the implementation of the growth plan already announced to the markets and reiterated the commitment to defend the founding values and the cooperative model and to enhance the sustainability of the investment of shareholders and investors over time. The BoD also confirmed that it will continue the process of innovation and adaptation of corporate governance, according to the best market practices; a path that has been undertaken for some time also through the adoption of the one-tier system and the possibility also for capital shareholders to participate in governance”.
However, the board acknowledged Minali's having achieved very good financial results, the best in the last decade: 107 million in net income. Minali, although disheartened by CEO, remains on the board. "I'm from Verona, I have a wife from Verona, I have two daughters from Verona but no one is a prophet in their homeland" he jokingly told FIRSTonline two days ago.
