The company’s board of directors has also voted to make its chairman Gabriele Galateri di Genola interim group chief executive while it searches for a replacement.
Greco had said that he planned to leave the company when his current mandate expired, which would have been at the company’s next annual general meeting. The last AGM was held on 30 April 2015.
However, on Tuesday Generali’s Board of Directors, chaired by Galateri, approved a mutually agreed deal to terminate all existing relations between Greco and the company with immediate effect.
Transformer
In a statement Galateri thanked Greco for his efforts over the past four years in transforming the company.
“Today Generali is a global leader focused on its core insurance business and on a solid financial and capital footing. We continue to pursue our growth and development objectives across our markets, benefitting from a world-class management team and a robust organization”.
Greco was a non-independent executive director held the office of chairman of the investments committee. At the time he left the company Greco owned 380,868 Generali shares, which at current prices of around €12 a share would be worth €4.5m ($5.1m, £3.5m).
The Generali Group is one of the largest global insurance providers with 2014 total premium income of more than €70bn.
