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Boss of Italian insurance giant Generali resigns

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Cesare Geronzi, the chairman of Italian  insurance giant Generali and a powerful financier, resigned on Wednesday after  less than a year on the job following a no-confidence vote from the board.

Geronzi resigned after “a large majority” of the board of directors backed  the no-confidence vote, a source close to the matter told AFP.

Another financial sector source said Geronzi, who was previously the head  of Mediobanca, had been accused of “improper governance” of the company.    Generali has been rocked in recent months by tensions between Geronzi, who  was appointed as chairman in April 2010, and chief executive officer Giovanni  Perissinotto, who called the board meeting to resolve the dispute.

Geronzi has been accused of announcing strategic goals for the company that  did not correspond to those agreed by the board and came under fire for  agreeing a joint venture deal with the Czech Republic’s PPF.

Milan, April 6, 2011 (AFP)