Exor (EXOR.AS), 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.
Exor, the holding company of Italy’s Agnelli family, announced on Monday that its Chairman, Ajay Banga, would not be seeking reappointment to the company’s board. This decision comes after his recent nomination as the next president of the World Bank.
Banga, who has been the Chairman of Exor since 2020, has played a crucial role in the company’s growth and success. He has been a part of the board since 2016 and has been instrumental in leading Exor’s investment strategy, focusing on long-term value creation for the company and its shareholders.
However, with his nomination as the next president of the World Bank, Banga has decided to step down from his position at Exor. He stated that he is honored to have been nominated for the role and that it is a privilege to be able to serve in this capacity.
Exor’s CEO, John Elkann, praised Banga for his contributions to the company, stating that he has been an exceptional Chairman and that his leadership has been critical to Exor’s success. Elkann added that Banga’s appointment as the next president of the World Bank is a testament to his leadership and expertise.
Banga’s decision to step down from Exor’s board is not expected to have any significant impact on the company’s operations or its future plans. Exor is a diversified holding company that invests in a variety of industries, including automotive, media, and real estate. The company has a long-term investment strategy and is focused on creating value for its shareholders.
In conclusion, Ajay Banga’s decision to step down from Exor’s board is a significant loss for the company, but it is also a great honor for him to serve as the next president of the World Bank. Exor has a strong leadership team in place and is well-positioned to continue its growth and success in the future.
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 (ABI.BR).
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)
