Top executives exit Generali leadership as CEO Donnet streamlines structure
Italian insurer Generali's group CEO Philippe Donnet has created a new "streamlined" organisational structure designed to address key strategic priorities and deliver the targets of 2021. The move will lead to the departure of two senior executives Frédéric de Courtois and Timothy Ryan.
Donnet said “the purpose of our new organizational structure is to support the Group to successfully deliver the final stages of our ‘Generali 2021’ strategy and be prepared for the challenges ahead."
With the new structure, the company aims to increase its balance sheet resilience against volatile markets and push for sustainable returns for shareholders in a “lower for longer” interest rate environment. At the same time, it looks to accelerate the pace of digital transformation, streamline operating processes and strengthen its insurance products development capabilities.
The group is promoting a number of senior executives who will report directly to the group CEO Donnet. These include Sandro Panizza, Carlo Trabattoni, Bruno Scaroni and Giancarlo Fancel.
Panizza will take up a newly created role of group chief insurance & investment officer, effective March 1. This new organisational unit will integrate the competencies of the group head office insurance and reinsurance areas with investment management.
Trabattoni is promoted to CEO asset & wealth management, a new business unit created effective March 1 following the re-allocation of group investments activities. His responsibility will be to coordinate the activities of the group asset management companies and Banca Generali.
Scaroni will become group chief transformation officer, a newly established role integrating responsibilities linked to strategy with operations and the digital and technological transformation, effective February 1.
Fancel, currently chief financial officer of Country Italy & Global Business Lines, will take up the role of group chief risk officer, effective March 1.
Additionally, the group CFO Cristiano Borean, group chief marketing & customer officer Isabelle Conner, and group head of mergers & acquisitions Massimiliano Ottochian, will report directly to Donnet, effective February 1. The Investor and Rating Agency relations will report to the group CFO.
As a result of the restructure, the general manager function will cease to exist. Frédéric de Courtois, the current general manager, will leave Generali on February 1.
Ryan, current group CIO and CEO asset & wealth management, will leave the group on March 1 following his voluntary resignation.
Donnet commented: "Our goals remain unchanged: to align investment management to insurance strategy, in order to deliver excellent products and services for our customers and to create value for our shareholders, taking into account the interest rate environment; to accelerate the Asset Management strategy, which is instrumental to enhance the profitability of the Group; to coordinate digital and technological transformation, an essential element of our LifeTime Partner ambition."
He continued: "I am very proud of our leadership team leveraging on internal resources: this is a further proof of the quality of the management and the people of Generali and their unique set of skills. The creation of the Insurance & Investment Unit puts Generali at the forefront of the industry establishing an integrated management of underwriting and investment capabilities.
"The changes already reflect our current focus and priorities and as such ensure full continuity and effectiveness. Frédéric de Courtois and Tim Ryan have been instrumental in defining and realizing what we have achieved so far, and on behalf of the Group I want to thank them for their contribution and wish them all the best for their next ventures.”
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