Italy Billionaires May Seek New Generali CEO as Battle Heats Up
- Del Vecchio, Caltagirone to cooperate on naming new board
- Tycoons open pact to other investors, could try to oust Donnet
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Two of the leading investors at Italy’s Assicurazioni Generali SpA are escalating their battle with the insurer’s management in a push that could include replacing Chief Executive Officer Philippe Donnet, people familiar with the matter said.
Construction magnate Francesco Gaetano Caltagirone and Luxottica founder Leonardo Del Vecchio, who together own about 11% of Generali, reached an agreement to work toward “a more profitable and effective management” of the insurer, according to a statement on Saturday.