Generali is adding Azzurra Capital chief executive Stefano Marsaglia to the insurer’s board as an independent director.

The appointment comes following the resignation of major activist shareholder Francesco Gaetano Caltagirone from the board in late May. Last month, Roberta Neri declined to accept when she was tapped to replace Caltagirone.

“The Turin-born Italian citizen has a long experience in investment banking, having held leading roles in Rothschild, Barclays, and Mediobanca,” noted Generali, referring to Marsaglia. “He is currently CEO of Azzurra Capital, a private equity company, and is a member of the advisory board of Afinity, a multinational active in the field of AI.

“The board verified the suitability of the member with the professional, reputational, independence, and eligibility requirements set forth for listed insurance companies by the applicable provision of law and by the Corporate Governance code, as well as internal regulations.”

According to Generali, Marsaglia holds no shares in the company.