Generali unveils new organizational construction
Generali has announced that it will undertake an organizational reorganization with several new appointments in support of the big change.
The restructuring was proposed by Generali Group’s CEO Philippe Donnet and recently approved at a meeting of the company’s Board of Directors. A press release states that the new organizational structure should “take into account important strategic priorities for the continued successful implementation of the Generali 2021 plan”.
The restructuring of Generali is intended to achieve three goals: Improvement of the further discipline in asset-liability management; Accelerating the implementation of the multi-boutique platform strategy for asset management; and accelerate the digital transformation of the entire company.
As part of the restructuring, Generali has promoted several managers to new roles – some of them have been newly created:
- Sandro Panizza has been appointed to the newly created position of Group Chief Insurance & Investment Officer
- Carlo Trabattoni has been promoted to CEO, Asset & Wealth Management
- Bruno Scaroni has been named Group Chief Transformation Officer, another newly created role
- Current Chief Financial Officer of Italy and Global Business Units Giancarlo Fancel has been promoted to Group Chief Risk Officer
In addition to the appointments, Generali has established a new reporting structure. With effect from February 1, 2021, Group Chief Financial Officer Cristiano Borean, Group Chief Marketing & Customer Officer Isabelle Conner and Group Leader for Mergers and Acquisitions Massimiliano Ottochian will report to the Group CEO. In the meantime, the Investor and Rating Agency Relations segment will report to the Group’s CFO starting next month.
Due to the new organizational structure of Generali, the function of General Manager will no longer exist. The current general manager, Frédéric de Courtois, will leave the group next month. In addition, the current CIO of the group and CEO of Asset & Wealth Management, Timothy Ryan, will leave the group on March 1, 2021.
“Since the launch of the Generali 2021 plan, we have made significant strides toward our goals in a rapidly changing world and unprecedented challenges,” said Donnet. “The purpose of our new organizational structure is to support the group in successfully implementing the final phases of our ‘Generali 2021’ strategy and in being prepared for the challenges ahead.”