Generali lines up new chairman amid investor tensions; adds ex-AIG to board
Generali has put forward a new candidate for the role of chairman of the board following Gabriele Galateri di Genola's decision to exit Europe’s third-largest and Italy’s biggest insurer amidst the ongoing tensions between investors.
In a statement, Generali said it has co-opted three new members Alessia Falsarone, Andrea Sironi and Luisa Torchia as members of the board.
Sironi, currently chairman of the Italian stock exchange Borsa Italiana, has been appointed as an independent director, as well as board's candidate for chairman. If elected, he will replace Galateri di Genola in the top board role after he announced in February that he will withdraw his name from consideration for the upcoming board renewal, and step down as chairman of Generali in April.
A leading international expert in governance and risk management, Sironi has also served on the boards of Intesa Sanpaolo, UniCredit, Cassa Depositi e Prestiti and the London Stock Exchange Group. Additionally, he has been a board member at Banco Popolare Società Cooperativa and on the advisory board for Fitch Ratings.
Other new appointees to the board includes Falsarone, a former vice president of investments at insurer AIG, who also held senior advisory roles for both Citigroup and Credit Suisse in the Americas and Asia.
Falsarone is currently a managing director and the head of sustainable investing, and portfolio and risk strategy in developed credit markets at PineBridge Investments, which she joined in 2011. She sits on the London Stock Exchange Group’s advisory group on sustainable markets, and serves as non-executive director of OpenCorporates in the UK.
Torchia, who has also been appointed as an independent director, has worked for the Italian government in a number of roles including member of the Italian National Commission for Public Performance and acted as legal advisor to the Prime Minister (1996-1998). She has vast experience in academia, public service and on the boards of major financial organisations, including Almawave, Nexi, Atlantia and Cassa Depositi e Prestiti. She has also acted as a legal advisor to the Italian civil service and its minister and served as an advisor at the Italian Ministry of Economy and Finance for the Public Expenditure Committee.
Generali stated that its board has verified the suitability of the new members with the professional, reputational and independence requirements, and none of them currently hold any shares in Assicurazioni Generali.
Galateri di Genola said: “I am proud to welcome Ms. Falsarone, Mr. Sironi and Ms. Torchia to Generali’s Board of Directors as we take the next step to building a successful and sustainable future for Generali. The new board members bring invaluable expertise as we implement our new strategic plan, ‘Lifetime Partner 2024: Driving Growth’.
“The co-optation of Ms. Falsarone, Mr. Sironi and Ms. Torchia demonstrates the quality of candidates with international, governance and sustainability expertise that will be part of the Board’s full list of candidates for the next Board.
“In particular, I welcome that Mr. Sironi has agreed to stand as the Board’s candidate for Chairman. His career in academia and on the boards of some of Europe’s leading financial institutions gives me great confidence that he will contribute to Generali’s future success on behalf of all stakeholders.”
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