Generali Directors Oust Group CEO Perissinotto; Zurich’s Greco to Take Post

June 4, 2012

The Board of Directors of Italy’s Assicurazioni Generali announced that they had decided “by a majority to revoke the powers conferred on Giovanni Perissinotto as Managing Director and Group CEO of the Company” at a specially called meeting on Saturday.

The announcement said the change was made “due to the necessity to bring about change in the Company’s management. Furthermore, the Board of Directors decided to terminate the employment contract between the Company and Giovanni Perissinotto in his capacity as General Manager.”

The Board did express its gratitude to Perissinotto “for his work in more than 30 years of service in the interest of the company and of the Group.”

The Board has proposed Mario Greco as the new General Manager and Group CEO. Generali said his “appointment will take place following his co-option to the Board of Directors after termination of his employment with the Zurich Insurance Group.”

Until he takes over the Board assigned the role of Group CEO on a temporary basis to the Chairman of the Company as acting Group CEO, “in accordance with the policy set out in the succession plan in the case of replacement of the Group CEO.”

Source: Generali Assicurazioni

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