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)