Gabriele Galateri remains president of Generali. The unofficial confirmation arrived today on the sidelines of the presentation of the 2001 budget project with which the Lion proceeds with the maxi-devaluation (Greece and Telco-Telecom) but keeps the coupon, albeit reducing it, and prepares the ground for a restart based on an improvement in industrial management and of the definitive avoid the risk of a capital increase, of which there is no need, unless the conditions are ripe for a major acquisition. Galateri's confirmation will take place at the April shareholders' meeting: although predictable, it was not obvious.
Beyond the recognition of the professionalism of the president, Galateri's confirmation is also a recognition of Generali's autonomy and the role of CEO Giovanni Perissinotto, author of the expulsion of Cesare Geronzi a year ago. But – and this must be said – it is also a sign of the foresight of Mediobanca, the Lion's reference shareholder, to whom we owe the indication of the most important appointments.
In recent weeks, relations between the top management of Mediobanca and Generali have been rather cold due to the Fonsai operation and certainly Trieste was not pleased that the author of the rescue plan of Premafin-Fonsai who will lead to the birth of the second Italian insurance center was none other than Alberto Nagel who, in addition to being the CEO of Mediobanca, is also the vice president of Generali. Just as in Nagel, the fact that Paolo Meneguzzo di Palladio, promoter with Sator of a alternate plan for Fonsai, had always been on good terms with Perissinotto.
But also on this occasion Generali and Perissinotto demonstrated fairness towards all the Leone shareholders (including Mediobanca but also Palladio) and this probably facilitated Galateri's clarification and confirmation until 2013. (Fl)
