Generali CFO Alberto Minali is reportedly preparing to tender his resignation and the company board will soon meet to discuss his position.
Citing an unnamed source familiar with the matter,
Reuters reported that Minali’s decision to step down was due to disagreements with CEO Philippe Donnet.
A report by Italian national newspaper
Il Sole 24 Ore also claimed that the top two executives have differences over governance and that Minali opposes the proposed sale of Generali France.
Both news agencies reported that Generali’s board of directors will meet on Wednesday to discuss Minali’s supposed planned departure. The insurer has yet to make a statement.
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Minali has been Generali’s group CFO since October, 2012. He was also named managing director when Donnet took over as group CEO in March, 2016.
Donnet was appointed to the top post following the exit of former CEO Mario Greco, who returned to rival insurer
Zurich.
In July 2016, Donnet revealed that he wanted managers to get back to the basics of insurance, which entails cost-cutting and improving underwriting. Speaking to the
Financial Times, he said “things have been moving too slowly” and that “we need operational turnaround and we have to accelerate the pace.”
Generali announced in November that it was reviewing its operations in 13 to 15 countries. The company said it will leave less profitable markets in a rationalisation process that is expected to generate at least €1 billion by 2018.
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