Economy

Demeter

(85,373 posts)

131. Generali board removes CEO (AIG, THE REMAKE?)

Sun Jun 3, 2012, 10:02 AM

Jun 2012

The board of Generali has removed its chief executive, Giovanni Perissinotto, bringing to an end a short but bitter battle between the executive and a Mediobanca-led group of shareholders in Europe’s third-largest insurer by premiums.

Ten of Generali’s 17 board members voted to oust Mr Perissinotto. Five directors, including Mr Perissinotto, voted in favour of the CEO while one abstained and one missed the meeting.

Investment bank Mediobanca, which owns about 13 percent of Generali, and several other large shareholders with stakes of more than 2 percent, began mobilising on Wednesday to oust Mr Perissinotto, whom they blame for the insurer’s recent dismal stock market performance. The coup plans leaked on Thursday and by Friday Mr Perissinotto and the Generali board members seeking his dismissal were engaging in public attacks at each other.

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