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
04-29-22 0551ET