Power play continues as opponents of Generali’s CEO raise stake

Italian businessmen Leonardo Del Vecchio and Francesco Gaetano Caltagirone and banking foundation Fondazione Cassa di Risparmio di Torino have increased their stake in insurer Assicurazioni Generali SpA, as they look to oust the insurer’s incumbent CEO Philippe Donnet, Verdict reported. Both the businessmen and the banking foundation have raised their stake to approximately 15% to have more influence over the board and reduce the clout of Generali’s main shareholder, Mediobanca SpA.