Generali: evolution of the organisational setup

Milan – The Board of Directors of Generali, at a meeting chaired today by Andrea Sironi, approved the evolution of the Group’s organisational setup, as proposed by the Group CEO, Philippe Donnet, to underpin the final phase of the “Lifetime Partner 27: Driving Excellence” strategic plan and looking ahead to the next 2028–2030 strategic cycle.

It also has the aim to make the Group’s coordination and integration leaner and more effective between Head Office functions and geographical markets, to further enhance the business’s excellent performance, drawing on internal competences and talent, proven strong points of Generali.

The new organisational structure, effective November 2, 2026, will expand the Direttore Generale – Group Deputy CEO, Giulio Terzariol’s management responsibilities by reallocating the functions currently reporting to the General Manager, a role that will be discontinued.

Specifically, the functions added to the responsibilities of the Direttore Generale – Group Deputy CEO are: Global Investment Management, headed by Luca Cetrano; Group Operations, headed by David Cis; Group Marketing & Customer, headed by Isabelle Conner; and Group Security, headed by Remo Marini. Furthermore, Group Chief Transformation Officer Cécile Paillard is expanding her remit to include two areas: Sustainability – a core element of the strategic plan, led by Chief Sustainability Officer Lucia Silva – and, from January 1, 2027, Insurance M&A, headed by Riccardo Candoni.
Within the same perimeter, two new units are being established: Group Insurance & Business Performance, headed by Santiago Villa and encompassing the Life & Health, P&C, and Reinsurance segments; and a Special Projects Unit, headed by Manlio Lostuzzi.

The governance of the control functions will remain unchanged. Furthermore, the functions Finance, headed by Cristiano Borean; People & Organization, headed by Monica Alessandra Possa; Communications & Public Affairs, headed by Simone Bemporad; General Counsel, headed by Antonio Cangeri will continue to report directly to the Group CEO, as well as Generali Investments Holding, headed by Woody Bradford.

From January 1, 2027, the insurance geographical markets will be reorganised into five areas, reporting to the Direttore Generale – Group Deputy CEO, combining stronger regional coordination to better leverage scale while remaining responsive to local opportunities:

• Western Europe & Latin America, headed by Jean-Laurent Granier: bringing together France, Spain, Portugal, Switzerland, Latin America and Greece to strengthen coordination, share expertise and unlock opportunities across complementary markets.
• Italy & Global Corporate & Commercial, headed by Giancarlo Fancel: bringing the governance of the corporate business closer to its largest market, reinforcing commercial focus and accelerating decision-making.
• Germany, headed by Stefan Lehmann.
• Asia Region, headed by Roberto Leonardi.
• Austria & Central Eastern Europe, headed by Gregor Pilgram: strengthening strategic coordination across closely connected markets, while supporting disciplined growth and the exchange of best practices.

In addition:

• Redion Group, headed by Antoine Parisi, will report directly to the Direttore Generale - Group Deputy CEO, as the global platform integrating Assistance and Employee Benefits, to accelerate the convergence of service capabilities and insurance expertise to deliver more distinctive and relevant solutions for clients.
• Banca Generali, headed by Gian Maria Mossa, will continue to be overseen by the Direttore Generale – Group Deputy CEO.

The proposed appointments reflect the results achieved, the international experience, and the development of internal talent.

From January 1, 2027, Laetitia Léonard-Reuter will be appointed CEO of Generali France, subject to approval by the company’s Board of Directors and the relevant supervisory authorities. Gregor Pilgram will be appointed CEO of Generali CEE Holding.

Laetitia Léonard-Reuter, Gregor Pilgram and Antoine Parisi will also join the Group Management Committee from January 1, 2027.
As of today, Laetitia Léonard-Reuter holds n. 75,876 shares of Assicurazioni Generali Spa; Gregor Pilgram n. 142,587 shares; Antoine Parisi n. 73,184 shares.

Effective 31 December 2026, Marco Sesana and Jaime Anchústegui will leave the Group.
As of today, Marco Sesana and Jaime Anchústegui hold, respectively, n. 340,127 and n. 239,604 shares of Assicurazioni Generali Spa.

Generali Group CEO, Philippe Donnet, said: “The new organisational structure will accelerate the Group’s transformation and drive operational excellence, in line with our ‘Lifetime Partner 27: Driving Excellence’ plan. I am particularly pleased that it draws on our internal talents, among the best in the global market.
Developing future leaders has long been our priority, enabling us to respond to innovation and change in insurance and asset management while sustaining the Group’s strong performance. This approach underpins Generali’s independence and integrity, essential to serving the best interest of all our stakeholders.
I would like to thank Marco for the fundamental role he has played within the Group over these years - first as Chief Operating Officer and then as Country Manager for Italy and subsequently as General Manager - making a substantial contribution to Generali’s development while navigating the market’s many challenges. I wish Marco, also on behalf of our Board of Directors and the entire Group, every success for the next steps in his career. We also wish to thank Jaime, who will continue to provide support as a representative on several Group boards, for his long-standing service and the various roles he has held, both internationally and at the Group’s central level, always with great success.”