Generali CFO leaves amidst restructuring

Assicurazioni Generali group chief financial officer (CFO) Luigi Lubelli is leaving the company as the Italian insurer restructures the business.

The position of group CFO will be assigned to Cristiano Borean as of September 1. Borean is currently the CFO of Generali France.

The move comes after the Generali board of directors approved a proposal from CEO Philippe Donnet for the new group organizational structure effective Sept. 1, 2018.

As part of the new structure, the position of general manager will be created, reporting directly to the group CEO. The new role will be in charge of the following areas of the group head office: group chief financial officer, group chief marketing & customer officer, group mergers & acquisitions, group strategy & business accelerator, as well as group operations & insurance. The position will be assigned to Frédéric de Courtois.

Furthermore, the global business lines & international structure has been reorganized. With regard to the global business lines, the duties have been reallocated in the following way: country manager Italy Marco Sesana will oversee global corporate & commercial, Generali employee benefits and Generali global health. Country manager France Jean-Laurent Granier will oversee the Europ Assistance Group.

With regard to operating companies and the regions (Asia, Americas & Southern Europe, Spain and Switzerland), a new position of CEO International has been created, reporting directly to the group CEO. This position will be assigned to Jaime Anchùstegui Melgarejo.

Donnet commented: “We are currently working on finishing the Plan 2016-18, and starting from the beginning of this year, we are defining the Strategic Plan 2019-2021. We have identified the directives and know what Generali must do to implement a growth strategy aimed at benefitting all of our stakeholders. The new organizational structure will allow us to reach our objectives, making our group more efficient and leveraging on the quality of our management team.

“On behalf of the group, I would like to thank Luigi Lubelli for his commitment to Generali in these years and, on a personal note, would like to thank him for supporting me. I wish Luigi all of the professional success he deserves in the future,” Donnet said.

Through the new organizational structure Generali aims to increase the group’s ability to meet the challenges of the Strategic Plan 2019-2021. The new strategy is based on three pillars: financial optimization, profitable growth and innovation and transformation of the business model. These directives will require the creation of integrated projects at group level and a strong involvement of the operating companies within the group, according to the company statement.