Generali has announced that it has undergone an organizational restructuring, with several new appointments to support the major change.
The restructuring was proposed by Generali Group CEO Philippe Donnet, and was approved by the company’s board of directors during a recent meeting. A release said that the new organizational structure is “designed to address key strategic priorities for the continued successful delivery of the Generali 2021 plan.”
Generali’s restructuring seeks to accomplish three goals: to enhance further discipline in asset liability management; accelerate the implementation of the asset management multi-boutique platform strategy; and speed up the pace of digital transformation of the entire company.
As part of the restructuring, Generali has promoted several executives to new roles – some that are newly-created:
- Sandro Panizza was appointed to the newly created role of group chief insurance & investment officer
- Carlo Trabattoni was promoted to CEO of asset & wealth management
- Bruno Scaroni was named group chief transformation officer, another newly established role
- Current chief financial officer of Italy & global business lines Giancarlo Fancel has been promoted to group chief risk officer
In addition to the appointments, a new reporting structure was established by Generali. Effective February 01, 2021, group chief financial officer Cristiano Borean, group chief marketing & customer officer Isabelle Conner, and group head of mergers & acquisitions Massimiliano Ottochian will all report to the group CEO. Meanwhile, the investor and rating agency relations segment will report to the group chief financial officer starting next month.
Due to Generali’s new organizational structure, the general manager function will no longer exist. Current general manager Frédéric de Courtois will leave the group next month. In addition, current group CIO and CEO of asset & wealth management Timothy Ryan will also leave the group on March 01, 2021.
“Since the launch of the ‘Generali 2021’ plan, we have made significant progress towards our objectives in the face of a rapidly changing world and unprecedented challenges,” said Donnet. “The purpose of our new organizational structure is to support the group to successfully deliver the final stages of our ‘Generali 2021’ strategy and be prepared for the challenges ahead.”