At 83 years of age Antoine Bernheim has seen it all. The former Lazards banker turned insurance maestro was booted out as head of Generali in 1999 by the Italian insurer's main shareholder Mediobanca after years of strong performance, only to return in 2002 to rescue the group from injuries inflicted by over-ambitious expansion.
Five years and considerable profit generation later Mr Bernheim faces another battle from activist investors who have launched a public charge against the Italian company's admittedly bizarre corporate governance structure.
Algebris, the UK hedge fund is complaining about the generous remuneration Mr Bernheim enjoys as non-executive chairman - $14.2m, according to Fortune magazine - and the fact that Generali continues to defy investors by having two chief executives.
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