Generali has parted company with its CFO Alberto Minali

Italian insurer Assicurazioni Generali has terminated the contract of its group chief financial officer (CFO) and general director Alberto Minali in a move that could cost the company as much as €5 million under its remuneration policies.

He will leave the group in the end of January.

Minali has been replaced as group CFO by Luigi Lubelli, the current group head of corporate finance. Lubelli will also join the group management committee.
The company said that Minali will not be replaced in his other role as general manager.

Following the board's decision, all the first-level business functions previously reporting to Minali, will now report directly to the group CEO Philippe Donnet with immediate effect.

Generali said that Minali will receive a gross severance payment of €2.1 million (equalling 14 months’ pay), a gross notice payment to the value of €2.1 million, a short-term incentive bonus worth around €1 million, a long-term incentive payment (yet to be quantified), and a non-competition commitment compensation payment worth €500,000. Minali also owns around 428,000 shares in Generali.

Gabriele Galateri di Genola, the chairman of Generali, said: "On behalf of the board, I would like to thank Mr. Minali for his great contribution to Generali Group over the past years and I express my best wishes for his professional future.

"The appointment of Luigi Lubelli is a positive news, also because it confirms the high level of skill and professionalism within Assicurazioni Generali."

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