ROME Reuters - The CEO of Leonardo del Vecchio's holding company Delfin, Romolo Bardin, has resigned from the board of Generali, Italy's top insurer said in a statement on Monday.
The departure of Bardin follows that of Generali's second-largest investor -- Italian entrepreneur Francesco Gaetano Caltagirone -- on Thursday, in a challenge to the reappointment of current Chief Executive Philippe Donnet.
Donnet's bid for a new term as CEO is the centre of a struggle among Generali's biggest investors, including Caltagirone and eyewear magnate Del Vecchio.
Donnet is backed by Generali's leading investor Mediobanca and a majority of board members.
Delfin is the third-largest investor in the insurer with a 6.618% stake. Caltagirone holds 8.04% of Generali, trailing Mediobanca's 12.8% stake.
Bardin referred to the Board's procedures and the Committees in which he participates, in particular the process for the formation of the board list, as reasons for his decision to step down, according to the statement.
Generali Chairman Gabriele Galateri di Genola regretted Bardin's decision and said that the company had conducted its business according to the standards of absolute transparency and rigorous fairness, in the interest of all stakeholders.