Generali's Board Assigns CEO Powers Temporarily to Chairman
February 09 2016 - 2:15PM
Dow Jones News
By Liam Moloney
ROME--Assicurazioni Generali SpA said Tuesday its board of
directors agreed to assign temporarily to the chairman the powers
of the chief executive as the Italian insurer seeks a new CEO.
In a statement, Generali said the board approved to initiate the
process for the selection of candidates to pick as new CEO after
Mario Greco announced in January he would step down to return to a
troubled Zurich Insurance Group AG as its new chief.
The board of directors approved the mutually agreed termination
of all existing relations between Mr. Greco and the insurer, with
immediate effect, Generali said.
Generali added that Mr. Greco as of Tuesday owns 380,686 shares
of the insurer.
Mr. Greco is credited with a successful turnaround of Generali
as he embarked on a strategy that involved shedding assets, exiting
from loss-making investments in Italian companies, and refocusing
the business on insurance.
Write to Liam Moloney at liam.moloney@wsj.com
(END) Dow Jones Newswires
February 09, 2016 14:00 ET (19:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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