Italy's Generali appoints Terzariol as deputy CEO to push 2027 strategy (updated)
12/11/2025 10:54
Fixes last paragraph, adding missing words Insurance head Giulio Terzariol named as deputy CEO Seen as potential successor if investor duo try to oust CEO Caltagirone-backed directors abstained in vote By Gianluca Semeraro MILAN, Nov 12 (Reuters) - Generali GASI.MI 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. Both Caltagirone and Delfin declined to comment. The two investors tried in vain to oust Donnet in 2022. Caltagirone's representatives on the insurer's board, as well as another director, abstained in Wednesday's vote on Terziariol, two people with knowledge of the matter said. Delfin, which has no board representative, is focused on the group's strategy and keeping a neutral stance on appointments, a separate source said. GENERALI SAYS FOCUSED ON ACHIEVING ITS GOALS Terzariol's appointment comes weeks after state-backed lender Banca Monte dei Paschi di Siena BMPS.MI - with the support of Caltagirone and Delfin - gained control of Mediobanca MDBI.MI, 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 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 BGN.MI, the group said in a statement. Terzariol joined Generali in January 2024 as CEO Insurance. From 1998 to 2023, he held various positions at rival Allianz ALVG.DE, serving as its chief financial officer for six years. (Reporting by Gianluca Semeraro. Additional Reporting by Valentina Za. Editing by Mark Potter, Elaine Hardcastle) ((gianluca.semeraro@tr.com; +39 06 80 307 741;))