According to reports from Reuters and Italian dailies La Repubblica and La Stampa, Terzariol is slated to take the helm of Generali’s insurance business, a move that underscores his shift from Allianz’s financial leadership to a prominent role in Italy’s insurance landscape.
Both newspapers indicated that Terzariol will directly report to Generali’s Chief Executive, Philippe Donnet. La Repubblica specified that the formal appointment is anticipated within the next few days, while La Stampa corroborated the timeline. Notably, representatives from both Generali and Allianz refrained from providing official comments on the matter, and Terzariol himself was not immediately available for comment.
Philippe Donnet’s continued tenure as Generali’s CEO was reaffirmed last year after overcoming opposition from some dissident domestic investors. These investors had expressed reservations about Donnet’s strategic approach, advocating for a more assertive mergers and acquisitions policy. At that time, Terzariol was highlighted in the Italian press as a potential candidate for the CEO role, backed by the main dissident shareholder, Italian businessman Francesco Gaetano Caltagirone.
However, it appears that Caltagirone proposed a different former Generali executive as his CEO candidate, who ultimately failed to garner sufficient support during a shareholder meeting convened to appoint a new board.
In a separate new development, reliable sources close to the matter revealed that Allianz’s supervisory board is expected to approve, in the upcoming week, a three-year extension to the mandate of CEO Oliver Bäte.
Bäte’s current contract is set to conclude on September 30, 2024, as indicated on the Allianz website.