Assicurazioni Generali SpA is set to propose Italy country manager Philippe Donnet as chief executive officer, replacing Mario Greco, who has joined Zurich Insurance Group AG, according to two people with knowledge of the discussions.
Generali’s appointments and corporate governance committee will finalize its proposal to nominate Donnet at a meeting scheduled on Friday, said the people, who asked not to be identified because the talks aren’t public. The board will subsequently meet over coming days to approve the proposal, said the people.
Generali is expected to present fourth-quarter earnings on March 18, when the company may post a net profit fro 2015 of 2.3 billion euros ($2.6 billion), according to the average estimate of nine analysts surveyed by Bloomberg, up from 1.7 billion euros in 2014. During his tenure Greco cut costs, reduced debt and sold non-strategic units to focus on the company’s main business.
Greco quit in January after telling Generali’s board that he was unable to reach an agreement with shareholders on his future role after months of discussions. The company needs certainty to meet its targets, and the conditions for Greco to stay on weren’t there, he said at the time.
Donnet, 55, joined as CEO of Generali Italy in 2013. The manager, who’s a French native, graduated from Institut des Actuaires Francais and Ecole Polytechnique of Paris. He has held several roles at insurance companies including in Italy, France and Asia, working for AXA SA from 1985 to 2007.
A Generali spokesman declined to comment
Donnet’s nomination was earlier reported by The Wall Street Journal.