November 1, 2019 / 3:48 PM / a month ago

Italian insurer Cattolica confirms strategy after ousting of CEO

MILAN, Nov 1 (Reuters) - Cattolica Assicurazioni confirmed on Friday that its business strategy remained in place and it was sticking to the targets of its industrial plan a day after the board removed Alberto Minali from his position as chief executive.

“Nothing changes in the business strategy and we will continue to work to meet the targets of the business plan already approved by the board of directors and presented to the market,” the insurer said in a statement, citing Carlo Ferraresi, who replaced Minali as chief executive.

On Thursday the board of Cattolica Assicurazioni ousted Minali citing differences over the company’s structure, strategy, relations with shareholders and the market.

All the chief executive’s powers had been transferred to the insurer’s Managing Director Carlo Ferraresi.

Andrea Mandalà, in redazione a Milano; editing by James Mackenzie

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