We brought you the news on his planned departure earlier this week (see
Reports: Generali finance chief preparing to step down) and now, insurance giant Generali has confirmed that CFO Alberto Minali is leaving the company by the end of the month.
Generali, one of the biggest insurers in the world, has announced that its board of directors and Minali have agreed to terminate his employment contract. He will quit the company on January 31 and will receive a severance pay of €2.1 million.
With the impending exit of Minali, who also serves as general manager, Generali has appointed Luigi Lubelli as group CFO and manager in charge of preparing corporate accounts. He is currently the group head of corporate finance.
The company also announced that all positions previously reporting to Minali will now report directly to group CEO Philippe Donnet.
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“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,” said group chairman Gabriele Galateri di Genola.
“The appointment of Luigi Lubelli is positive news, also because it confirms the high level of skill and professionalism within Assicurazioni Generali,” he added.
Generali did not reveal the reason for Minali’s departure. Earlier this week,
Reuters and Italian national newspaper
Il Sole 24 Ore reported that he had disagreements with Donnet, who announced in November that the insurer will exit weaker markets and cut costs to improve operations and increase profit.
Minali is leaving the company amid swirling reports that rival giant Allianz and major Italian bank Intesa Sanpaolo are looking to acquire Generali. On Wednesday, the lender confirmed that it has been examining a potential deal.
Related stories:
Major firm reviewing potential ‘combinations’ with Generali
Reports: Generali finance chief preparing to step down
Allianz interested in swoop for Generali - reports
