By Ed Frankl

Assicurazioni Generali SpA said Friday that its second-largest investor Francesco Gaetano Caltagirone has resigned from its board with immediate effect.

Mr. Caltagirone had led a boardroom battle seeking to unseat the Italian insurer's Chief Executive Philippe Donnet and install his own slate of board members.

However, Mr. Donnet won a re-election vote at the company's annual general meeting in April to keep his position as boss, though Mr. Caltagirone secured enough votes to retain his seat on the board.

The reasons for Mr. Caltagirone's resignation haven't been disclosed, the Trieste-based company said.

The Caltagirone holding company controls 9.95% of Generali stock, Generali said, behind the shareholding of Italian investment bank Mediobanca SpA.

Generali's board will be called "in the coming days" to decide on his replacement, the company said.

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

(END) Dow Jones Newswires

May 27, 2022 05:14 ET (09:14 GMT)

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