MILAN (Reuters) – Exor, the holding company of Italy’s Agnelli family, said on Monday its Chairman Ajay Banga would not seek reappointment to the company’s board following his recent nomination as the next president of the World Bank.
Indian-born Banga, 63, the former CEO of Mastercard, was picked earlier this year by U.S. President Joe Biden to head the World Bank. The development bank’s executive board has said it will consider only Banga as a nominee to become its next president.
Netherlands-based Exor has proposed Nitin Nohria as its new chairman, it said in a statement presenting its full-year results. The designation will have to be backed by shareholders at their general meeting on May 31.
Nohria, a Harvard Business School professor, is the executive chairman of U.S. venture capital firm Thrive Capital and is a board member in companies including Anheuser-Busch InBev.
Exor on Monday also said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021.
The result was mainly attributable to the net gain it booked from the sale of reinsurer PartnerRe, which was partially offset by lower profits from its subsidiaries and associates, including potential losses from PartnerRe’s fixed income portfolio, Exor said.
The holding company’s net asset value (NAV) amounted to 28.233 billion euros last year, lower than 31.069 billion euro at the end of 2021.
Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share. ($1 = 0.9102 euros)
(Reporting by Giulio Piovaccari; Editing by Keith Weir)
