© Reuters. FILE PHOTO: Exor logo is displayed in this illustration taken September 5, 2022. REUTERS/Dado Ruvic/Illustration
MILAN (Reuters) -Ajay Banga, the U.S. nominee to run the World Bank, will not seek reappointment as the chairman of Exor (OTC:), the holding company of Italy’s Agnelli family, Exor said on Monday.
Indian-born Banga, 63, the former CEO of Mastercard (NYSE:), was picked earlier this year by U.S. President Joe Biden to head the World Bank, and 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 non-executive chairman, it said in a statement as it presented 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 with an academic focus on leadership and corporate performance, is the executive chairman of U.S. venture capital firm Thrive Capital and is a board member of companies including Anheuser-Busch InBev.
Exor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari (NYSE:), CNH Industrial (NYSE:) and soccer club Juventus.
It 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 8.6 billion euro 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.
The holding company’s net asset value (NAV) amounted to 28.233 billion euros at the end of 2022, 9.1% lower then a year earlier.
Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share.
Exor said that in the first months of 2023 it had increased investments in its private funds strategies by 400 million euros and committed for a further 300 million euros.
It added it had invested in February an additional $50 million in U.S.-based shared mobility company Via Transportation, bringing its stake to 18%.
($1 = 0.9102 euros)