After weeks of rumors, the official announcement has arrived. Generali has a general manager again: Giulio Terzariol, current CEO Insurance of the group, who will also take on the role of Deputy CEO and will be responsible for managing the insurance business and to supervise Generali Bank.
The director general's seat had been vacant since 2017, to be precise since the departure of Alberto Minali, and the appointment of Terzariol represents an important turning point in the organizational structure of the group, arrived following the frictions on the Natixis dossier and above all the strong renewal of the shareholder base and governance of the main shareholder of the Lion, Mediobanca, now controlled by Monte dei Paschi following the successful takeover bid launched by Siena at the beginning of the year.
It is no coincidence that many people see behind this reorganisation the will of CEO Philippe Donnet of set the operational succession and provide strategic continuity to the group, also throwing an olive branch to the main private shareholders, such as Delfin and Caltagirone, who in recent years had repeatedly advocated for the appointment of a new top figure.
Generali: Terzariol new CEO
As mentioned, the board of directors, which met today to approve the nine-month accounts, assigned Terzariol the position of general manager and deputy CEO, entrusting him with the insurance business management of the group and, somewhat surprisingly, the supervision of Banca Generali, delegated responsibilities that will be exercised in complete alignment with the directives of CEO Philippe Donnet. The appointment, despite having received unanimous approval from everyone, was made with the abstention of four councilors. These are the three exponents belonging to the minority list presented a year ago in the assembly by the Caltagirone group, namely Flavio Cattaneo, Marina Brogi and Fabrizio Palermo and – unexpectedly – of Clement Rebecchini, historical representative of Mediobanca on the Lion's board.
Terzariol, who has become the de facto number two at Generali, is a manager of international standing, unanimously appreciated by all of Leone's main stakeholders, as well as within the group. Fifty-four years old, with a degree in Business Economics from Bocconi, Terzariol is arrived in Trieste in July 2024 as head of insurance operations. Previously, from 1998 to 2023, he held various positions within the Allianz Group, including, from 2018 to 2023, that of Group CFO of Allianz SE.
His appointment will become effective in about ninety days, upon completion of the usual assessment of eligibility criteria by IVASS. The role of CEO Insurance will cease as soon as Terzariol takes up his new role.
Donnet: "The appointment will strengthen Generali's leadership."
"For Generali, achieving the objectives of the 'Lifetime Partner 27: Driving Excellence' plan is the top priority and, consequently, the Group's organization is evolving in line with this ambition," commented CEO Philippe Donnet. "In his new role, Giulio will lead the insurance business and supervise Banca Generali. His appointment confirms Generali's ability to build, over the years, one of the best management teams globally in the insurance and asset management sector. I am convinced that the new organizational structure, together with the constant commitment of all our colleagues and agents, will further strengthen Generali's leadership and will ensure the success of the strategic plan we presented to the market this year,” concluded the manager.
Waiting for the bills
At Piazza Affari, after the appointment of Terzariol, widely expected by the market, the general title gains 0,63% to 33,74 euros (Ftse Mib +1,26%). Investors are now waiting for the Lion to lift the veil on the nine-month results, with analysts estimating a further improvement in the accounts. According to the consensus, the prize collection for the first nine months should be around 71,6 billion while the Operating income should reach 6 billion, with a Net income of approximately 3,1-3,2 billion.
(Last update: 14.51 am on 12 November).
