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EL - EssilorLuxottica SA News Story

€133.4 -0.6  -0.5%

Last Trade - 05/03/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £50.32bn
Enterprise Value £54.69bn
Revenue £12.78bn
Position in Universe 18th / 847

UPDATE 1 -Generali CEO to present reorganisation plan to board on Jan. 27 -sources

Thu 14th January, 2021 7:02pm
(Adds sources and background)
    MILAN, Jan 14 (Reuters) - Generali  GASI.MI  Chief Executive
Philippe Donnet is set to present a reorganisation plan that
could lead to changes in the insurer's top management at a board
meeting on Jan. 27, two sources close to the situation said on
Thursday. 
    On Wednesday sources said Donnet was working on the plan to
make the group more efficient and speed up delivery of strategy
in response to the COVID-19 pandemic.  urn:newsml:reuters.com:*:nL8N2JO5RC
    This year marks the end of the business plan Donnet unveiled
late in 2018, and some analysts are concerned the pandemic could
impact operations more than expected. In November, Generali
confirmed financial targets to 2021 despite COVID-19.
    According to two sources, Generali General Manager Frederic
de Courtois, No. 2 at the insurer, could leave the group to take
up a position elsewhere.
    They said some of Generali's Italian shareholders had
expressed concern at Frenchmen holding the two top spots at
Italy's biggest insurer with big Italian state bond portfolios.
    "In this way Donnet will head off criticism and could then
appoint a new general manager more amenable to home investors,"
one of the sources said.  
    Chief Investment Officer Tim Ryan could also leave the
group, the sources added.  
    Generali declined to comment.
    In the last year Italian eyewear billionaire Leonardo Del
Vecchio has become the biggest single shareholder in investment
bank Mediobanca  MDBI.MI  which is Generali's largest investor.
   Sources have said Del Vecchio, who also owns Generali shares,
wants to restore the leading position the group once enjoyed in
the European insurance market.
    Donnet, who took the helm at Europe's third-biggest insurer
in 2016, said in November he was seeking to make Generali a top
player in asset management. 
    Generali has 2 billion-3 billion euros ($2.43 billion-$3.65
billion) still available for M&A deals in the insurance sector
in Europe and in asset management in the United States and Asia,
Donnet has said.
    His mandate as chief executive comes up for renewal early
next year.


($1 = 0.8224 euros)

 (Reporting by Stephen Jewkes and Gianluca Semeraro, editing by
Maria Pia Quaglia and Cynthia Osterman)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))
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