Italy's Generali names deputy CEO as succession talk swirls

By Gianluca Semeraro

MILAN (Reuters) -Generali said on Wednesday it had appointed the head of its insurance business Giulio Terzariol as group deputy chief executive, weeks after investors critical of CEO Philippe Donnet boosted their influence at Italy's biggest insurance company.

Terzariol's appointment is Donnet's attempt to provide an internal CEO option should the two investors - Italian tycoon Francesco Gaetano Caltagirone and Delfin, the holding company of the late billionaire Leonardo Del Vecchio - push for his departure, two sources familiar with the matter told Reuters.

Caltagirone declined to comment, while Delfin did not have an immediate comment. The two investors tried in vain to oust Donnet in 2022.

GENERALI SAYS FOCUSED ON ACHIEVING ITS GOALS

Terzariol's appointment comes weeks after state-backed lender Banca Monte dei Paschi di Siena - with the support of Caltagirone and Delfin - gained control of Mediobanca, Generali's largest investor.

Caltagirone and Delfin, who are also the leading investors in MPS, have not given any indication of how they see the future of Generali since MPS became its main investor.

However, three sources close to the matter told Reuters last month that Donnet, in office since 2016, was expected to oversee an orderly transition and may not complete his full mandate.

Donnet in April secured another term which expires in 2028.

Under the new structure, Terzariol will be in charge of the insurance business and oversee the group's private bank, Banca Generali, the group said in a statement.

"The successful achievement of the goals of our ... plan is Generali's top priority and, consequently, the organization of the group evolves in line with this ambition," Donnet said.

Terzariol's appointment "confirms Generali's ability to build, over the years, one of the best management teams in the global insurance and asset management sector," he added.

Terzariol joined Generali in January 2024 as CEO Insurance. From 1998 to 2023, he held various positions at rival Allianz, serving as its chief financial officer for six years.

(Reporting by Gianluca Semeraro. Editing by Gavin Jones and Mark Potter)