Generali Fires Rebel CEO Candidate Luciano Cirina -- Update

   By Ed Frankl 
 

Assicurazioni Generali SpA on Monday said it fired its regional head of Austria & Central and Eastern Europe Luciano Cirina with immediate effect after he challenged the current leadership amid a boardroom battle over the future management of Italy's largest insurer.

Mr. Cirina had already been suspended from the role on Wednesday, after he featured as the rival candidate to Generali's incumbent Chief Executive Philippe Donnet on a list of nominations for Generali's board written up by dissident major shareholder Francesco Gaetano Caltagirone.

The decision to terminate Mr. Cirina's employment was taken "due to violations of his duty of loyalty and material breach of other personal obligations under his contract of employment," Generali said.

Mr. Cirina couldn't immediately be reached for comment. Mr. Caltagirone's company declined to comment when approached by Dow Jones Newswires.

Mr. Cirina and the rival candidate for chairman Claudio Costamagna presented their own strategy for the company's future on Friday, which included higher earnings growth and larger-scale acquisitions.

Shareholders are due vote at Generali's annual general meeting on April 29 on which board list to lead the company.

Shares at 1105 GMT were up 4.5% at EUR20.29.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

March 28, 2022 07:24 ET (11:24 GMT)

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