Generali chairman exits with ‘regret’ amid investor row

Generali’s chairman has decided to step down after more than a decade at Europe’s third-largest and Italy’s biggest insurer, saying he regretted the current tensions between investors.

Gabriele Galateri di Genola plans to withdraw his name from consideration for the upcoming board renewal, and step down as chairman of Generali in April.

The ongoing rift in the shareholding of the company has already led to the resignation of three directors - Francesco Caltagirone, Romolo Bardin and Sabrina Pucci.

Galateri di Genola, who has been Generali’s chair for 11 years, said to the board in a letter seen by Reuters on Wednesday (February 16) that he intends to “leave the board in full harmony”, while expressing “regret for recent tensions in the shareholder base that Generali certainly doesn't deserve”.

Meanwhile, Generali has declared its intention to “select a future Chairman who fully meets the independence criteria according to the Italian Corporate Governance Code.”

Galateri di Genola was appointed chairman of Assicurazioni Generali in April 2011. He was reappointed chair by the board of directors in May 2019. From 2003 to 2010 he was vice-chairman and a member of the board of directors of Generali.

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