I am surprised to see Capitalia shareholders, led by ABN-Amro, do the right thing.
Given their reappointment of Chairman, Cesare Geronzi, for the second time, after twice having been indicted, it is surprising that they would not follow Mr. Geronzi´s lead.
It appears Mr. Geronzi did not like the lack of public support from Mr. Arpe, who rightly kept his head down and managed the business. As a result, Mr. Geronzi appears to have tried to remove Mr. Arpe.
This bank would be much better off without both Cesare Geronzi and ABN-Amro!
Onésimo Alvarez-Moro
See article:
Matteo Arpe, chief executive of Capitalia, on Thursday pulled off a sensational reversal in his fortunes, averting a board vote to remove him and convincing large shareholders that he should continue in his post at the Italian bank.
The sudden change of mood at the bank followed moves by Cesare Geronzi, chairman, to oust Mr Arpe as the two had fallen out over the Italian bank’s merger strategy.
Mr Geronzi presented to the bank’s controlling shareholder pact on Thursday the reasons for changing the bank’s governance but it emerged in the afternoon that Mr Arpe had kept his job.
Board members were due to have voted on Mr Arpe’s removal at a meeting later on Thursday but instead will look only at approving the 2006 results, to be presented to investors by Mr Arpe in Milan on Friday.
See full Article (paid subscription required).
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