The governance of Generali changes, with the Board opting for the valorisation of internal managerial resources for replace the two outgoing board members, Frédéric de Courtois and Tim Ryan, and other duties as well. The new appointments are those of Sandro Panizza, who will cover the new role of Group Chief Insurance & Investment Officer starting from 1 March 2021; Carlo Trabattoni, who again from 1 March will hold the role of CEO Asset & Wealth Management, a new business unit created to coordinate asset management activities and those of Banca Generali; Bruno Scaroni, who will assume the role of Group Chief Transformation Officer from 1 February, a newly established organizational unit, which will combine the responsibilities of strategy with those of Operations, digital and technological transformation; and finally Giancarlo Fancel, currently Chief Financial Officer of Country Italia & Global Business Lines, who will hold the position of Group Chief Risk Officer starting from 1 March.
Furthermore, the Group Chief Financial Officer, Cristiano Borean, the Group Chief Marketing & Customer Officer, Isabelle Conner and the Group Head of Mergers & Acquisitions, Massimiliano Ottochian, will report directly to the Group CEO starting next February 1st, i.e. Monday. Following this new organizational structure therefore, the position of General Manager, held so far by Frédéric de Courtois, will cease to exist and will leave the Group starting from 1 February 2021. Timothy Ryan, current Group CIO and CEO Asset & Wealth Management, will instead leave Generali starting from 1 March 2021.
“Since the launch of the 'Generali 2021' Plan – commented the CEO Philippe Donnet – we have achieved significant progress towards the objectives set, in a context of rapid global changes and unprecedented challenges. The purpose of the new organizational structure is to successfully complete the 'Generali 2021' Plan and to prepare the Group for the challenges of the future. Our goals remain confirmed: align investment management with insurance strategy, in order to deliver excellent products and services to our clients and, at the same time, create value for all our shareholders, especially with regard to the current interest rate environment; accelerate the asset management strategy, essential for the Group's profitable growth; coordinate Generali's innovation and digital transformation, which is a key part of our ambition to be a Lifetime Partner.
“I am very proud – added the French manager – that our team is strengthened with internal resources: it is further proof of the quality of Generali's management team and people, and their extraordinary skills. The creation of the new Insurance & Investment structure places Generali at the forefront of the insurance industry, through the integrated management of underwriting activities and investment expertise. These changes respond perfectly to our current priorities, ensuring continuity and effectiveness of our action. Frédéric de Courtois and Tim Ryan were instrumental in defining and realizing the results achieved to date and, on behalf of the whole Group, I want to thank them for the contribution they have made and I wish them every success in their professional future".
