EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€137.1 0.8  0.6%

Last Trade - 09/04/21

Consumer Cyclicals
Large Cap
Market Cap £52.06bn
Enterprise Value £55.14bn
Revenue £12.52bn
Position in Universe 19th / 848

Generali revamp plan will squeeze out current No 2 - sources

Wed 27th January, 2021 3:31pm
MILAN, Jan 27 (Reuters) - The No 2 executive at Generali
 GASI.MI , Frederic De Courtois, is set to leave his role as
part of a planned shake-up at Italy's largest insurer, three
sources with direct knowledge of the matter told Reuters.
    The plan drawn up by Chief Executive Philippe Donnet, who
like de Courtois is French, aims to make Generali nimbler in
implementing its strategy to respond more quickly to the
COVID-19 pandemic.*:nL8N2JP5I3
    "The idea is that from now on there will be more people
reporting directly to Donnet," one of the sources said.
    The sources did not rule out general manager de Courtois
leaving the group to take up a position elsewhere.
    Generali declined to comment. De Courtois did not
immediately respond to an emailed request for comment.      
    Some of the insurer's Italian shareholders have expressed
concern about French nationals holding the two top positions at
Italy's biggest insurer, which has a large Italian state bond
portfolio, sources said last week.*:nL8N2JP5I3
    Speculation about possible change at Generali grew when
Italian eyewear billionaire Leonardo Del Vecchio became the
biggest single shareholder in its largest investor Mediobanca
    Del Vecchio, who also owns shares in Generali, has ruled out
a merger with either French insurance giant Axa  AXAF.PA  or
Zurich, both of which have been rumoured suitors for the group.*:nL8N2DG2IO
    Sources have said he prefers organic growth or mergers which
do not raise questions over the firm's Italian identity. 
    Both Donnet and de Courtois are former managers at Axa.
    This year marks the end of the business plan Donnet unveiled
late in 2018 and some analysts are worried the impact of the
pandemic could go deeper than expected, even though in November
Generali confirmed financial targets through 2021.
    The group of Italian investors in Europe's third-biggest
insurer also includes businessman Francesco Gaetano Caltagirone,
who recently increased his stake to 5.4%.
    "I think Donnet needs to prove to Caltagirone and Del
Vecchio that there is no 'inner circle', especially since this
is the last year of his current term," one of the sources said. 
    Donnet has been at the helm since 2016, and his mandate as
CEO comes up for renewal in early 2022.
    "The plan will also set up asset management as a standalone
business," a source said.

 (Reporting by Claudia Cristoferi, Gianluca Semeraro and Stephen
Jewkes; Editing by Jan Harvey)
 ((; +39 06 80 307 741;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.