Ennio Doris resigns as head of Mediolanum Bank. This was announced by the same institution, indicating that the board of directors had proposed entrusting the founder of the bank with the honorary presidency. Doris, 81, has long since left operational leadership of the bank to her eldest son Massimo, who has served as CEO since July 2008. “It was announced – writes the bank in a memo – that Banca Mediolanum’s board of directors has an act of resignation from the office of the president and the director resigned by the founder Ennio Doris”. “As I cross the 80-year mark, I think it’s time to at least partially reduce my daily commitment to the bank,” the institute’s founder explained.
To the honorary presidency
Replacing the resigning Chairman and Director will be the subject of future decisions, backed by precautionary assessments by the Bank’s Nominations and Governance Committee. The Board of Directors and the Board of Legal Reviewers unanimously proposed to the latter committee the appointment of Ennio Durres as Honorary Chair. “An appointment to be made at an upcoming meeting of shareholders and which will also be called to decide on appropriate amendments to the Bylaws already approved by the Board in order to provide this figure,” is specified in the press release, which furthermore states that the Entrepreneur owns a total of 46,693,070 voting rights, equivalent to 6.29% of the voting rights, of which 23,563,070 relate to the Bank’s shares in full ownership and 23,130,000 as beneficiaries, all of which are common to the shareholder agreement between members of the Doris family.
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“Official transition, I have other projects”
“Today is basically an official step in line with my desire to reduce my daily commitment to Banca Mediolanum, which has been guided with determination and experience for years by Massimo and our collaborators with exceptional results that are under everyone’s eyes.” This is how the founder of Banca Mediolanum commented to Radiocor on his decision to resign from group of operational positions.” “I’ve been thinking about putting my feet up for at least two years now
from the accelerator and therefore I have a less demanding role,” he said again, adding, regarding the future, “I am thinking of many projects for the coming years, not just business, starting to continue more and more towards the recovery of those who need it, weaker and less fortunate, in line with The values that have always inspired me.”
On my generals, “They are for mediation, not for clashes.”
The businessman also commented on the recent events of the Generali. “I would prefer not to expose myself and to stay and watch on the eve of an important step such as the next General Assembly next Monday.” On the other hand, specify that “always for mediation, not for clashes.” In addition, he emphasized, “It is undeniable that Nagel’s results in the administration of Mediobanca are very positive, as are Donnet’s results at the helm of the Generali.” Then Doris declared: “As an entrepreneur, I fully understand the demands and visions of great Italian entrepreneurs such as Leonardo del Vecchio and Francesco Caltagirone. In general, with respect to all so-called public corporations, perhaps greater balances should be found between the interests of important shareholders and the necessary independence of management.”
It must be remembered that Banca Mediolanum owns approximately 3.3% of Mediobanca in its portfolio. A very small stake of the bank’s stock is also in the hands of the Doris family. In January 2020, a few months after Leonardo del Vecchio entered the capital of Piazzetta Coccea, Banca Mediolanum – surprisingly – announced a change of strategic objectives in Mediobanca, moving from the logic of consolidating ownership over a medium-to-long-term to an open approach to more of flexibility. In particular, the Board of Directors of the Bank decided to reclassify the shares held in Mediobanca from a strategic investment into a “held for collection and sale” portfolio, i.e. convertible at any time. Massimo Doris himself had repeatedly stated that the move was “taken to keep our hands free because there have been important changes in governance”, but in the end there was no compelling need to sell. Indeed, the CEO of Mediolanum has repeatedly said that he is satisfied with the results of Piazzetta Cuccia and the work of the first player, Alberto Nagel.
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