Generali has announced that Giulio Terzariol (pictured above) has assumed the role of Direttore Generale - group deputy CEO, effective immediately.
The appointment follows the completion of the customary regulatory process after the board of directors approved a new organisational structure on November 12, 2025.
In his new position, Terzariol will lead the insurance business and oversee Banca Generali. The CEO - insurance role, which he previously held, will cease to exist following his transition to the new responsibility.
Terzariol joined Generali in January 2024 as CEO Insurance after spending more than two decades at Allianz SE, where he served as group chief financial officer for six years. His tenure at Allianz included roles as head of group planning and controlling, CFO of Allianz Life USA, and regional CFO for Allianz Asia Pacific.
He began his insurance career at Generali in 1995 as an international trainee based in Munich with an assignment in Vienna. He holds a degree in business administration from Bocconi University in Milan.
Read more: Is Generali now a ‘pawn of power politics’?
Philippe Donnet, Generali group CEO, said the organisation is evolving in line with the company's strategic ambitions. He noted that successfully achieving the goals of the "Lifetime Partner 27: Driving Excellence" plan remains the group's top priority.
"His appointment confirms Generali's ability to build, over the years, one of the best management teams in the global insurance and asset management sector," Donnet said. He added that he is confident the new organisational structure will strengthen the company's position and ensure the success of the strategic plan presented to the market this year.
The appointment comes amid ongoing shareholder tensions at Italy's largest insurer. Francesco Gaetano Caltagirone and his allies now control close to one-third of Generali's shares, and reports have indicated that Terzariol is viewed as Donnet's likely successor.
Generali has also been at the centre of corporate manoeuvring involving Banca Monte dei Paschi di Siena and Mediobanca.
Milan prosecutors are investigating alleged coordination among major shareholders seeking to strengthen influence over the insurer, though Generali itself is not under scrutiny. Italy's Competition Authority approved a related transaction in July 2025.
