Generali have suspended with immediate effect Luciano Cirinà, one of the major top managers and until a few hours ago head of Generali Austria and Eastern Europe, who recently ran for CEO anti-Donnet on Francesco Gaetano Caltagirone's alternative list. He is replaced ad interim by Giovanni Liverani, current CEO of Generali Deutschland.
A widely awaited decision that puts an end to a paradoxical situation born after the candidacy in the Caltagirone list of Cirinà, who until recently were one of Donnet's closest collaborators and who, in this capacity, had contributed to the drafting of Leone's new business plan. The suspension will last “until further notice”.
Generali reminds Cirinà of its obligations
An official note from Generali specifies that, during the period of suspension, for Cirinà "all the statutory or contractual obligations deriving from the employment relationship with the Company remain valid, including any responsibility linked to the protection of the Company's confidential information, to all internal rules and policies, those that govern relations with the media, financial analysts, rating agencies, investors and authorities, activities reserved exclusively for the appointed functions within the Company”.
On the Stock Exchange, the stock rises: the Caltagirone plan is on Friday
By suspending him, Generali would essentially like to lock down Cirinà, precluding him from an active role in the presentation of the business plan alternative that the Caltagirone list will present on Friday and in the shareholders' campaign in which Cirinà presents itself as the real anti-Donnet in view of the meeting to be held on April 29 in Trieste and in which the two lists (in addition perhaps to that of Assogestioni) the votes of the shareholders, and in particular of the institutional funds which hold about 30% of the capital in human terms, will compete in the open field.
We will now see what Cirinà will respond to but there is no doubt that, although widely expected and foreseeable, the suspension is destined to exacerbate tensions. However, the Generali stock does not seem to have paid the price which, in a bearish stock market session, defended itself well, gaining 0,30%.
