By Mauro Orru
Assicurazioni Generali SpA said late on Tuesday that the majority of its board backs Chief Executive Officer Philippe Donnet for a third mandate, in a show of support for the executive at a time when some shareholders seek a change in management.
The Italian insurer said that nonexecutive members of the board took notice of Mr. Donnet's availability, saying the outgoing board could put forward Mr. Donnet's name as CEO in its own slate of nominees.
"The majority of the nonexecutive members of the board have expressed their appreciation of the work undertaken and the results achieved by Philippe Donnet," Generali said.
The announcement comes just days after billionaires Francesco Gaetano Caltagirone and Leonardo Del Vecchio struck a deal to use their combined shareholding in Generali to push for a "more profitable and effective management" of the company.
Messrs. Caltagirone and Del Vecchio--who together control nearly 11% of the insurer--agreed to consult each other, with particular emphasis on the appointment of a new board of directors ahead of the company's shareholder meeting next year.
Write to Mauro Orru at email@example.com; @MauroOrru94
(END) Dow Jones Newswires