New boss at Generali management

One year following the eviction of Cesare Geronzi, chairman of Generali, replaced by Gabriele Galateri Di Genola, the general manager Giovanni Perissinotto has been also fired. He was outnumbered by a majority of ten administrators out of 16 during the group’s last extraordinary board of director’s general assembly. He is therefore held responsible for the disappointing results of the company (net profits halved in 2011) and for share depreciation at the stock market (-40% since the start of 2011), which has triggered discontent among the shareholders. In addition, the group has been widely exposed to Italian debt (46 billion EUR, 57 billion USD). Giovanni Perissinotto has run the group for 11 years where he made his career. He will be taken over by Mario Greco, former Zurich Insurance.