Billionaire investor Caltagirone exits Generali after failed bitter battle for control

Italian insurer  Generali’s second largest shareholder Francesco Gaetano Caltagirone has quit it board less than a months after his re-election as director, following an unsuccessful campaign and a bitter battle with its current management to ‘ awaken the lion’ and oust its CEO Philippe Donnet, who ultimately succeeded in securing a consecutive term in office.

In a statement issued this morning (Friday, May 27), Generali said its non-independent director Caltagirone, wielding 9.95% of the group’s shares, has resigned from his post.

The reason for his departure has not been disclosed. But the insurer said, “the board of directors will be called in the coming days for any subsequent decision regarding his replacement.”

Caltagirone’s resignation comes less than a month after the company’s dramatic annual general meeting on April 29 when Donnet secured a consecutive term in office with support from the insurer’s largest shareholder  Mediobanca.

Caltagirone, with support from fellow Italian magnate Leonardo Del Vecchio, had sought to wrest the insurer from the grip of Mediobanca, accusing Generali’s current management of non-transparent relations with Mediobanca and a “low ambition” strategy.

Caltagirone had also previously complained of being “prevented from making his own critical contribution and from ensuring adequate control” of the insurer, and called for Generali to be “freed” from the influence of a single shareholder.

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