The fight for good governance continues.
Hopefully, once ABN-Amro, a major investor in the controlling group, changes hands its new owners will turn their back on the Capitalia President and ask him to go.
Shareholders have singularly failed to maintain high ethical standards in this case and have gone for maintaning the status quo without making waves.
It is high time they pushed for a change in the usual way of doing business.
Onésimo Alvarez-Moro
See article:
The fight at the top of Capitalia remained unresolved on Thursday night after a marathon session of the board ended without a decision on taking away important powers from the Italian bank’s chief executive.
Cesare Geronzi, the chairman, tried effectively to sack Matteo Arpe, the chief executive who is 30 years his junior, in a dispute over merger strategy. A vote of directors to strip Mr Arpe of his powers was however averted at the last minute but tensions have remained high inside the bank.
The board, which had in the past been mostly close to Mr Geronzi, sat for six hours on Thursday, debating a report of three directors over certain powers that should be taken away from the chief executive.
The proposed moves would have amounted to a considerable erosion of Mr Arpe’s position and would have worried a number of institutional investors who credit the chief executive with improving considerably the bank’s operating performance.
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