Gabriele Galateri di Genola, who has been chair of Italian insurance coverage protection huge Generali for 11 years, has pulled out his title from consideration for the company’s board renewal occurring on April 29.
In a press launch, the insurer confirmed: “The board has conveyed its appreciation for his resolution which displays the intention of the board to pick a future chairman who absolutely meets the independence standards in keeping with the Italian Company Governance Code.”
As reported by Reuters, a board member is now not deemed neutral previous three mandates.
In the meantime, the outgoing chair was cited by the data firm as expressing regret over present shareholder tensions that, in his view, Generali “definitely doesn’t deserve”.
Earlier this week, activist merchants made headlines for his or her supposed title for an open and constructive dialogue with the insurance coverage protection group.
The ex-Fiat CEO, furthermore, was quoted as stating in a letter that he is leaving the Generali board in full harmony. Individually, Generali is anticipated to state of affairs further updates throughout the coming days, ahead of its April annual fundamental meeting.