Generali dismisses CEO contender

"Violations of duty of loyalty" among the reasons for firing

Generali dismisses CEO contender

Insurance News

By Terry Gangcuangco

Luciano Cirinà, Generali’s Austria & Central and Eastern Europe regional officer who was suspended last week, has now been fired.

In a statement on Monday, the Italian insurance giant noted: “The board of directors of Assicurazioni Generali, at a meeting chaired by Gabriele Galateri di Genola, has taken the decision to terminate the employment of Mr Luciano Cirinà with immediate effect.

“Mr Cirinà was previously suspended from his role as the Austria & CEE regional officer of Generali, on March 23, 2022. The decision has been taken due to violations of his duty of loyalty and material breach of other personal obligations under his contract of employment.”

No further details on the violations were outlined.

As reported initially, Cirinà was the chief executive candidate put forward by the camp of activist investor Francesco Gaetano Caltagirone. Last Friday, the supposed CEO contender was quoted by the Financial Times as saying: “I am not going to expand on the personal reasons that have led me to join the [rival camp].”

A leadership tug-of-war has been brewing at Generali ahead of its board renewal next month.

Meanwhile, when Cirinà was suspended prior to his sacking, the company said Generali Deutschland chief executive Giovanni Liverani was taking over as interim regional officer for Austria & CEE.

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