The head of Telecom Italia Gabriele Galateri di Genola is set to be named as the new chairman of insurance giant Generali after the board achieved a consensus on his appointment, an informed source told AFP.
Galateri di Genola, who has also been chairman of investment bank Mediobanca, will replace Cesare Geronzi who was pushed out this week after a major fallout with the Generali board over his strategy.
Geronzi resigned on Wednesday after less than a year on the job. Generali has more than 85,000 employees and is present in 68 countries. It holds more than 400 billion euros ($578 billion) worth of assets.
Milan, April 8, 2011 (AFP)