Generali suspends CEO possibility

Executive suspension likely to clear the way for incumbent CEO's re-election for a third term

Generali suspends CEO possibility

Insurance News

By Lyle Adriano

Generali has announced that it has suspended Luciano Cirina, the company’s head of Austria and CEE countries and one of the executives nominated for the role of CEO.

The company informed Cirina that despite his suspension, all obligations of his contract remain in force – which includes his obligations to the protection of confidential information and compliance with internal policies regarding his interactions with the media, financial analysts, rating agencies, investors and authorities.

With Cirina’s suspension, Generali has named Giovanni Liverani – the head of its German unit – as interim Austria and Central and Eastern Europe (ACEE) regional officer.

Francesco Gaetano Caltagirone, a manufacturing and real estate magnate who serves as Generali’s second largest investor, had initially put forward Cirina and Claudio Costamagna – former Goldman Sachs banker and former chairman of CDP – as his picks for CEO and chairman, respectively.

Cirina was nominated to challenge incumbent CEO Philippe Donnet, who may be looking at a third term of leadership. Meanwhile, Costamagna runs against Andrea Sironi, dean of Milan’s Bocconi University, for the position of chairman. Sironi was nominated earlier this month by the board.

Both Donnet and Sironi are backed by Generali’s major shareholder Mediobanca.

Reuters reported that both Cirina and Costamagna are planning to hold a news conference today.

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