© Reuters. FILE PHOTO: The Generali logo is seen on the company’s Tower, designed by Iraqi-British architect Zaha Hadidat, at the Milan’s CityLife district, Italy November 5, 2018. REUTERS/Stefano Rellandini
MILAN (Reuters) – Philippe Donnet retained his role as chief executive of Italian insurer Generali (BIT:) on Friday when he won the backing of shareholders in the face of a challenge from a rebel investor.
The company’s board nominees, backed by leading shareholder Mediobanca (OTC:), gained the support of 56% of shareholders at the company’s annual general meeting, against 42% for a rival slate nominated by investor Francesco Gaetano Caltagirone.
The shareholder vote on Friday, held remotely because of lingering COVID concerns, capped a bitter struggle for control of Generali.
Caltagirone and fellow billionaire investor Leonardo Del Vecchio had opposed the list of executives proposed by the Generali board.
Caltagirone had come up with his own slate for the top jobs, nominating former Generali executive Luciano Cirina as a replacement for Donnet.
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