Generali hit by two senior resignations

Two senior executives within Italian insurer Generali have resigned.

Sergio Balbinot, the chief insurance officer of Generali, and Paolo Scaroni, chairman of the remuneration committee and member of the appointments and corporate governance committee, have both resigned.

Balbinot joined Generali in 1986 and held a number of appointments before becoming chief insurance officer in 2012. No reason has been given for his resignation.

Generali said the reason behind Scaroni resigning is linked to some of his other recent professional appointments which make it difficult to serve as a board member with the due dedication and might cause conflicts of interests.

Commenting on Balbinot’s resignation, Mario Greco, the chief executive officer of Generali, said: “On behalf of the board of directors and all the colleagues at Generali I would like to thank Sergio Balbinot for the great professional contribution he gave to the company in over 30 years, working both in Italy and abroad.

“I personally want to thank him for backing the re-launch plan of the Company and in particular for the support I have received since my arrival at Generali and for the past two years. It has been a pleasure working with Sergio and I wish him all the best for his future career.”

Commenting on Scaroni’s resignation, Gabriele Galateri di Genola, chairman of Generali, said: “I have accepted Paolo Scaroni’s decision to resign from the board of directors regretfully. Mr Scaroni has always given an outstanding and positive contribution to the board building on his extensive experience gained in international companies. I’d like to thank him on behalf of the board of directors and the group chief executive officer, Mario Greco, for his contribution to the board over all these years.”