Generali boardroom battle gets murkier as another director resigns

Europe’s third-largest and Italy’s biggest insurer  Generali has been hit with a slew of prominent resignations in the past few weeks amid a boardroom battle over its operating procedures and strategy.

The latest to resign from the insurer's board is Sabrina Pucci, an independent director and member of the Remuneration and Appointments and Risk and Control Committees.

Generali stated “personal reasons” for her sudden resignation after nine years of service as a director.

Pucci's exit follows that of Francesco Caltagirone, one of the largest shareholders in the group, and Romolo Bardin, independent director and member of the appointments and remuneration, investments, strategic operations, and related party transactions committees.

Caltagirone stepped down in a “surprise” resignation on January 13 saying that he was prevented from contributing to the strategy, while Bardin cited “the process for the formation of the board” as the reason for his decision to step down.

The insurer has “categorically rejected” the claims made by the outgoing directors, and reiterated “absolute transparency and rigorous fairness” in its board processes.

In a statement to announce Pucci's departure, Generali chairman Gabriele Galateri di Genola, said: “I would like to express my thanks to Ms. Pucci for her important contribution to the Company in her 9 years of service as director. On behalf of the Board, I wish her the best for the future.”

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