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Generali Needs New Top Management, Del Vecchio Tells Corriere

Assicurazioni Generali SpA (G) needs new management who can focus on the insurers’ core business and avoid financial investments, Luxottica Group SpA (LUX) founder and Generali investor Leonardo Del Vecchio told Corriere della Sera in an interview.

“As an investor I think that Generali, one of Italy’s jewels, needs a change,” Corriere cited Del Vecchio as saying. “What annoys me is that while the company’s fundamentals are good and the insuring activity works, the manager’s will to do financial investments spoils it all.”

In the interview, Del Vecchio said Chief Executive Officer Giovanni Perissinotto “should resign.”

Del Vecchio quit as a Generali director Feb. 21, saying he wasn’t able to influence strategy at the insurer. He owns 3 percent of Generali.

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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