Cattolica Assicurazioni: Alberto Minali's powers revoked

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An extraordinary board of Cattolica Assicurazioni has revoked the powers of the chief executive officer, Alberto Minali, and assigned them to the general manager Carlo Ferraresi. This is what Radiocor learns. Alberto Minali is the managing director of the group Cattolica Assicurazioni from 1 June 2017. At the basis of the board's decision there would essentially be differences with Minali on the strategic vision and on the corporate organization, while there would be satisfaction with the financial results reached by the manager.

The move against Minali, who was so de facto discouraged by the board (where he will remain in office with the role of councilor), arrives downstream of a long tug of war with the president Paolo Bedoni. A clash that had as its object the dispute, among other things, in particular the vision on the company form of the company and on its transformation in Spa: in fact, with this operation, the Cattolica board strongly reaffirms the cooperative nature of the group and sweeps away the hypotheses of a possible transition to the Spa.

The board of the company in a note states that it has "ascertained and acknowledged that a divergence of vision has progressively occurred" with the CEO regarding corporate organization, strategic scenarios and relations with shareholders and the market, with the consequence of a non-fluid, relaxed and positive position of the managing director towards the Board of Directors and an insufficient harmony and organic unity in the respective competences ».

In particular, from environments close to the shareholders, it is noted that in recent years Cattolica has made important progress in corporate organization, also adopting monistic governance and welcoming among its members Warren Buffett, entered with over 9% of the capital in October 2017, taking over the remaining portion of Banca Popolare di Vicenza in liquidation). A news that, in the following weeks, had given wings to the title, protagonist of a real rally on the Stock Exchange.

The entry of Buffett has therefore proved to be a bargain also for the other partners, starting from Cariverona Foundation which had previously strengthened its position in the company's capital, again taking over part of the stake held by the Popolare di Vicenza.