Generali said on Wednesday it had appointed the head of its insurance business Giulio Terzariol as group deputy chief executive, weeks after investors critical of CEO Philippe Donnet boosted their influence at Italy’s biggest insurance company.
Terzariol’s appointment is Donnet’s attempt to provide an internal CEO option should the two investors – Italian tycoon Francesco Gaetano Caltagirone and Delfin, the holding company of the late billionaire Leonardo Del Vecchio – push for his departure, two sources familiar with the matter told Reuters.
Both Caltagirone and Delfin declined to comment. The two investors tried in vain to oust Donnet in 2022.
Caltagirone’s representatives on the insurer’s board, as well as another director, abstained in Wednesday’s vote on Terziariol, two people with knowledge of the matter said.
Delfin, which has no board representative, is focused on the group’s strategy and keeping a neutral stance on appointments, a separate source said.
Donnet Expected to Oversee Orderly Transition
Terzariol’s appointment comes weeks after state-backed lender Banca Monte dei Paschi di Siena – with the support of Caltagirone and Delfin – gained control of Mediobanca, Generali’s largest investor.
Caltagirone and Delfin, who are also the leading investors in MPS, have not given any indication of how they see the future of Generali since MPS became its main investor.
However, three sources close to the matter told Reuters last month that Donnet, in office since 2016, was expected to oversee an orderly transition and may not complete his full mandate which expires in 2028.
Under the new structure, Terzariol will be in charge of the insurance business and oversee the group’s private bank, Banca Generali, the group said in a statement.
Terzariol joined Generali in January 2024 as CEO Insurance. From 1998 to 2023, he held various positions at rival Allianz, serving as its chief financial officer for six years.
(Reporting by Gianluca Semeraro; additional reporting by Valentina Za; editing by Mark Potter, Elaine Hardcastle)
Related:
- Billionaire Generali Investor Weighs Candidates to Challenge CEO Donnet
- Generali’s 2nd Largest Investor, Who Sought to Oust CEO, Quits Board
- Generali’s Board Reappoints CEO Without Support From Rebel Investors: Sources
- Update: Generali’s CEO Survives Leadership Challenge, but Rebels Take Board Seats
- Generali Fires CEO Donnet’s Internal Rival as Power Struggle Continues
- Generali’s Boardroom Battle Escalates With Resignation of No. 2 Investor
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