Luciano Cirina had already been suspended 5 days ago from his post.
Italy’s number one insurance company, Generali, announced on Monday that it has sacked Luciano Cirina, head of Austria and Eastern Europe, with immediate effect, in the running for the post of CEO, thus challenging Philippe Donnet , running for a third term. Luciano Cirina had already been suspended 5 days ago from his post. Generali’s Board of Directorshas decided to dismiss with immediate effectLuciano Cirina, said a statement from the insurer on Monday.
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“The decision is motivated by the violation of the obligations of loyalty and by the serious violation of other obligations provided for in the employment contract“Adds the press release, without further details.
Luciano Cirina was proposed for the post of CEO by the construction magnate Francesco Gaetano Caltagirone, second shareholder of Generali, who opposes the renewal of Philippe Donnet, at the helm of the insurer since 2016.
Gaetano Caltagirone presented in mid-March a list of thirteen candidates which will be submitted to the vote of the general meeting of shareholders scheduled for April 29, competing with the one previously approved by the outgoing board of directors which also includes thirteen candidates, including Philippe Give.
Rebels
Gaetano Caltagirone and his ally Leonardo Del Vecchio, founder of eyewear manufacturer Luxottica, which holds a 6.6% stake, are vying for control of the insurer with Mediobanca, the main shareholder with 12.8% of the capital but 17.2 % of voting rights.
Gaetano Caltagirone had slammed the door of the board of directors with a bang in mid-January, followed shortly after by the representative of Leonardo Del Vecchio. As chairman of the board, Gaetano Caltagirone is proposing Claudio Costamagna, a former banker at Goldman Sachs, who chaired the Italian Caisse des dépôts (CDP) from 2015 to 2018.
The outgoing board of directors has chosen as its candidate for this position Andrea Sironi, president of Borsa Italiana and professor of economics at Bocconi University in Milan.
Philippe Donnet had published in December his 2022-24 plan focused on growth, in which Generali undertakes in particular to return between 5.2 and 5.6 billion euros to its shareholders by 2024 in the form of dividends.
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The slingers, on the other hand, presented a strategic plan on Friday which they described as “more ambitious“Than that of Mr. Donnet, providing, among other things, a net profit of 4.2 billion euros in 2024 against 2.8 billion in 2021.