MILAN – An agreement between Generali shareholders remains intact after Francesco Gaetano Caltagirone resigned from the board of Europe’s third-largest insurer, a source close to one the shareholders said on Friday.
A construction and newspaper magnate, Caltagirone is Generali’s second-biggest investor with an 8.04% stake.
In September Caltagirone struck an accord with Generali’s third-largest investor, the eyewear billionaire Leonardo Del Vecchio, and with smaller shareholder CRT to oppose the reappointment of Generali CEO Philippe Donnet.
Donnet is backed by Generali’s leading investor Mediobanca and a majority of board members.
The consultation pact represents a combined stake of more than 16%.