The CEO of Generali, Philippe Donnet, has no intention of giving up and, despite the ostracism of two of the main shareholders such as Francesco Gaetano Caltagirone and Leonardo Del Vecchio who hold 11% of the company's capital, he is ready to apply for the third term at the helm of the Lion. But the divisions on his name remain.
In the meeting of the non-executive directors of Generali, which was held in the afternoon in the Milan office of Citylife and which was preparatory both for the Appointments Committee and above all for the board meeting at the end of the month, those present - there were neither Donnet nor the chairman Gabriele Galateri - "took note of the availability of the CEO, Philippe Donnet, to cover the position of Chief Executive Officer for a third term" expressing "appreciation by the majority" (8 to 4) for the work done and the results achieved by Donnet himself, and "welcoming this availability in view, in the event that the outgoing Board of Directors proceeds with the presentation of a list for the renewal of the Board itself, of its inclusion in the aforementioned list with the role of Chief Executive Officer also for the next mandate ”
Donnet therefore does not give up and intends to reapply for the leadership of the company but it will be necessary to see if he will have the green light from the Council to present a list expressed by the outgoing board of directors with him as CEO, which Del Vecchio and Caltagirone continue to refuse. And above all, it will be necessary to see what Mediobanca, the largest shareholder of Generali, will decide to do: whether to insist on supporting Donnet or to meet the demands of Del Vecchio and Caltagirone who threaten the Mediobanca top management not only in Trieste but also in Piazzetta Cuccia, where the assembly will be held at the end of October. The game therefore remains wide open and we will see from the next stages how the battle that is inflaming Italian finance will end.
