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Finance

Mediobanca likely to file slate of nominees for new Generali board, CEO says

Published by Global Banking and Finance Review

Posted on February 10, 2025

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MILANO (Reuters) - Italy's Mediobanca is likely to file its own slate of candidates for Generali's board renewal, CEO Alberto Nagel said, adding his bank wanted to help to name a leadership able of steering the insurer through its new strategy.

Current Generali CEO Philippe Donnet, who unveiled a new strategy last month, has said he is ready to stay on for another term after the current one ends in May.

He was last appointed with Mediobanca's backing in 2022 as part of a slate of candidates prepared by Generali's outgoing board.

But Italy has since changed corporate rules and made it harder for an outgoing board to nominate successors, prompting Generali to say its board would not propose any nominees nor a CEO candidate.

"We are interested in working towards appointing the most suitable board to execute Generali's plan, and have Mediobanca represented by a director. We will ensure that these two objectives are achieved," Nagel told a post-results press briefing on Monday. Mediobanca is Generali's No.1 investor.

Italian tycoon Francesco Gaetano Caltagirone, another major Generali investor, led a failed attempt to replace Donnet three years ago and is considering challenging his reappointment again, four sources close to the matter previously told Reuters.

(Reporting by Gianluca Semeraro; editing by Valentina Za)