By Ed Frankl

Assicurazioni Generali SpA shareholders approved the re-election of Chief Executive Officer Philippe Donnet, ending uncertainty over the future direction of Italy's largest insurer.

Shareholders voted 56% in favor of appointing a board list with Philippe Donnet as CEO and Andrea Sironi as chairman despite opposition from Generali's second- and third-largest investors.

Francesco Gaetano Caltagirone, who owns 9.95% of the company, had in March proposed a rival board that promised a strategy with higher earnings acceleration and more firepower for acquisitions.

His list won 41.7% of votes in favor.

A third list, drawn up by asset manager Assogestioni won 1.9% of the vote.

The AGM registered a turnout of 70.7%, higher than recent years, Generali said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

April 29, 2022 05:51 ET (09:51 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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