Intesa Sanpaolo SpA's Supervisory Board Chairman Giovanni Bazoli had set a scheduled meeting with CEO Enrico Cucchiani next week because of the move to have him eased out from his position. According to individuals familiar with the situation, the bank's top three investors are pushing for his exit from the company.
The meeting would either be done on September 29 or September 30 upon Cucchiani's return from his New York business trip. This, according to the anonymous sources, would be crucial in deciding whether he has the sipport of investors before the bank's next board meeting on October 1.
Much of the turmoil comes from Cucchiani's preference to seek advice from external consultants instead of involving other bank executives in making key decisions for the firm. This was first reported in the Financial Times last September 24, saying the friction between Bazoli and Cucchiani had come to a point that CEO may be ousted. For its part, Intesa did not make any comment on the news report.
The three largest shareholders of the bank are Compagnia di San Paolo, Fondazione Cariplo and Fondazione Cassa di Risparmo di Padova e Rovigo. The three owns a 19% share in the bank. Officers from Compagnia di San Paolo and Fondazione Cariparo declined to make any comment. Cariplo Foundation Chairman Giuseppe Guzzetti said he was unaware of any existing tension.
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