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By Ed Frankl

Assicurazioni Generali SpA said late Wednesday that its board has approved a new organizational structure as it proceeds with its strategic plan for the period to 2024.

As part of the new leadership structure, effective Sept. 1, Marco Sesana, currently country manager for Italy and global business lines, is appointed general manager, the Italian insurer said.

Giancarlo Fancel, the current group chief risk officer, succeeds Mr. Sesana as country manager for the company's domestic Italian market, the company said.

Generali will also create a new business unit for Germany, Austria and Switzerland, headed by Giovanni Liverani, it said.

Mr. Liverani recently took over as Austria and Central and Eastern Europe manager from Luciano Cirina, who was fired after opposing Chief Executive Philippe Donnet in a rival bid to lead the company.

While Mr. Liverali will keep the leadership role in Austria, the rest of Eastern Europe will be headed by Jaime Anchustegui, who leads an expanded international business unit.

The new structure will reinforce the role of steering and coordination of the company's head office toward all business units, it said.

Mr. Donnet set out the company's 2024 targets in December, including 6% to 8% in compound earnings-per-share growth and a bid to boost cumulative dividends between 2022 and 2024 to up to 5.6 billion euros ($5.92 billion), from EUR4.5 billion in 2019-21.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

June 23, 2022 03:44 ET (07:44 GMT)

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