Italian insurance giant Generali has reappointed Philippe Donnet as its CEO for another three-year term following a shareholder vote at the company’s annual general meeting (AGM). 

The list proposed by Mediobanca, Generali’s largest shareholder with a 13% stake, secured 52.38% of the vote, ensuring Donnet’s appointment.  

The coalition led by Delfin and Francesco Gaetano Caltagirone, which together control 17% of Generali, secured 36.8% of the vote. 

Mediobanca also retained ten seats on the board, including chairman Andrea Sironi, while Caltagirone’s group secured three.  

Donnet has been serving as the company CEO since 2016, reported Reuters.  

Donnet said: “I would like to sincerely thank Chairman Sironi for leading the outgoing Board with the utmost skill, professionalism and independence. I am also thankful to all the directors for ensuring a constructive and respectful dialogue with our management team.”  

The appointment drew media attention following Generali’s entry into a non-binding memorandum of understanding with French banking group BPCE to combine their asset management operations.  

Several media reports indicated that Mediobanca was in favour of the proposed deal and Donnet appointment, while the Italian Government and Caltagirone expressed concerns about the deal.

Donnet added: “Last month, we presented our 2024 financial results, which we are submitting for your approval today and which were excellent once more. Underpinned by the important results achieved over the last nine years, I am convinced that Generali will be even more successful going forward, and I am confident that ‘Lifetime Partner 27: Driving Excellence’ is the best possible strategy to achieve this.” 

The AGM also approved the Group’s Long Term Incentive Plan (LTIP) for 2025–27, authorising the purchase and disposal of up to 7.2 million treasury shares to support the plan. 

Generali reported an adjusted net result of €3.8bn ($4.31bn) for 2024, a 5.4% increase compared with €3.5bn a year ago.