UPDATE: Generali Says Botin Steps Down From Board
April 04 2011 - 3:03PM
Dow Jones News
Italian insurance giant Assicurazioni Generali SpA (G.MI) Monday
said Ana Patricia Botin resigned from the board due to her new
appointments at Banca Santander SA (STD, SAN.MC).
"(The new appointments) have added to her existing difficulties
in properly performing her duties as a director of Generali," the
company said in a statement. In November Botin, the 50-year old
daughter of Emilio Botin, chairman of the Spanish banking giant,
was appointed chief executive of Santander's unit in the United
Kingdom. She is currently working on a plan to relaunch UK
operations as well as a possible listing of the unit by the end of
the year.
Botin's departure comes just two days before a crucial board
meeting of the Trieste-based insurer, where some shareholders are
expected to push for an improvement of the existing management,
with more defined roles for Chairman Cesare Geronzi.
Generali has been in the spotlight since the end of last year
when clashes between some Italian shareholders and Geronzi erupted
in the press. Questions over the acquisition of a 10% stake in
Russian bank VTB as well as a multi-billion put option on an
existing joint-venture with Czech-based investment company PPF
sparked criticism among Generali shareholders. The company's Deputy
Chairman Vincent Bollore in March decided not to sign off on 2010
results, citing the PPF joint venture. Earlier in February another
board member, Luxottica SpA (LUX) founder Leonardo Del Vecchio,
stepped down citing governance and investment issues.
It is unclear who, if anyone, will replace Del Vecchio and Botin
on Generali's board as well as the commitees where they were
members.
Botin was an independent member of the board as well as a member
of Generali's corporate governance committee.
Santander had no comment late Monday.
-By Sabrina Cohen and Gilles Castonguay, Dow Jones Newswires;
+39 347 3563 463; sabrina.cohen@dowjones.com
--Christopher Bjork contributed to this story.
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