Generali, the Italian insurer facing a fight for its independence, has lost another one of its most senior executives.
The company said on Wednesday that Alberto Minali, the chief financial officer, would leave next week. Last month Generali announced the departure of Nikhil Srinivasan, its chief investment officer.
Generali is the target of takeover interest from Intesa Sanpaolo, Italy’s largest bank. Intesa confirmed its interest on Tuesday after speculation about its intentions, although any firm offer is thought to be some way off and could involve a break-up of the group.
Mr Minali became CFO of Generali in 2012, just after the appointment of Mario Greco as chief executive. However Mr Greco left the Italian group last year to take over at Zurich, the Swiss insurer.
Mr Greco was replaced as chief executive by Frenchman Philippe Donnet, who gave Mr Minali an expanded role with the title of general manager. He was given responsibility for insurance, strategy, marketing, data and operations as well as the usual CFO functions. However a person close to Generali said this week that he and Mr Donnet had been at loggerheads over strategy for months.
Mr Minali will leave Generali with a pay off of €5.8m, part of which relates to an agreement not to work for major competitors for six months after his departure.
He will not be replaced as general manager but the group’s head of corporate finance, Luigi Lubelli, has been appointed CFO.
Generali chairman Gabriele Galateri di Genola, said: “The appointment of Luigi Lubelli is a positive news, also because it confirms the high level of skill and professionalism within Assicurazioni Generali.”
Generali’s share price, which had been hovering near four-year lows last November, has jumped sharply this week in the wake of Intesa’s interest. It closed at €15.5 on Wednesday, up 1 per cent on the day, giving the group a market capitalisation of €24bn.
Source: FT