According to Reuters, Minali lost out to Philippe Donnet in the race to replace group chief executive Mario Greco, who left the business in February 2016 to join Zurich.
Donnet was named Greco’s successor in March 2016, at which time Minali was appointed general manager in addition to his existing group chief financial officer role.
Sources close to the matter told Reuters that tensions had built up between the two.
The Generali press release provided no details about why the decision to terminate Minali’s contract was taken, but confirmed that the group will not name a replacement general manager.
Generali chairman, Gabriele Galateri di Genola, said: “On behalf of the board, I would like to thank Mr Minali for his great contribution to Generali Group over the past years and I express my best wishes for his professional future.”
Minali’s severance packed equals 14 months’ pay, valued at €2.1m (£1.8m, $2.25m), in addition to a gross notice value of €2.16m.
He will also receive a gross short-term incentive bonus of €1m, as well as a long-term incentive bonus that is yet to be quantified.
Minali will enter a non-competition period of six months for main competitors and four months for other players in the financial and insurance sectors, receiving compensation of €500,000 gross.
The board has named Luigi Lubelli, current group head of corporate finance, as Minali’s replacement as group chief finance officer and manager in charge of preparing the group’s corporate accounts.
Di Genola added: “The appointment of Luigi Lubelli is a positive news, also because it confirms the high level of skill and professionalism within Assicurazioni Generali.”