Generali;Ciao,Giovanni;Italys biggest insurer fires its boss.

　　意大利忠利保險換帥;再見，喬瓦尼;意大利最大保險公司的老板被解雇了。

　　Rarely elegant, often brutal, sacking the boss is atraumatic way to change direction. The dispatch ofGiovanni Perissinotto, Generalis chief executivesince 2001, was no exception, but at least his endcame swiftly. He was turfed out on June 2nd, justtwo days after Italys stockmarket regulator toldGenerali, the countrys largest insurancecompany, to convene a board meeting to tackle a boardroom split. Mr Perissinotto has beenreplaced by Mario Greco, currently head of general insurance business at Zurich Insuranceof Switzerland.

　　企業要轉向，解雇老板這條路是傷痛的，很少能做到優雅，大多時候都很殘酷。喬尼瓦佩里斯諾托自2001年起就擔任忠利保險首席執行官，那么現在他的離去也不例外。意大利證券市場調控機構要求意最大保險公司忠利集團召集董事會，解決董事成員之間的爭議，兩天之后，即6月2日，佩里斯諾托就被解雇了?，F任瑞士蘇黎世保險公司普通保險業務總裁的馬里奧格雷科將接替佩里斯諾托的位置。

　　The main charge that several directors levelled at Mr Perissinotto was that Generali hadperformed poorly on his watch. Recent figures bear that out. Profits slumped last year to856m Euro from 1.7 billion Euro in 2010, and net profits in the first quarterof 2023 were down on the same period last year. Moreover, the Italian insurers stockmarketperformance has been far worse than that of European competitors. Since the beginning of2011 Generalis shares have lost 37% while Zurichs have declined by only 21%. Littlewonder that one director told Mr Perissinotto bluntly that he was not up to the job.

　　有好幾名董事不滿意佩里斯諾托的表現，主要是認為他在任期間，忠利保險的表現很差。而且，最近的數據尤其令人擔心：2010年的利潤有17億歐元，2011年下降到12億歐元，2023年第一季度利潤相比上年同期又有減少。另外，忠利保險的股票表現比歐洲同行差得多。自2011年初以來，蘇黎世保險股價下跌了21%，可是忠利保險的股價竟下跌了37%。難怪一名董事直接對佩里斯諾托說他工作做的很差。

　　By tradition prudent in its investments, Generali has a large portfolio of government bondsbut they are not as safe as they once seemed. Losses on Greek bonds contributed to lastyears sorry results and Generalis holding of about 50 billion Euro of Italian bonds adds to themarkets wariness. Moreover, its place in a web of business connections and some trickyshareholdings bring other problems. Its biggest shareholder is Mediobanca, an investmentbank. Mediobanca is urgently trying to seal the rescue of one of Generalis competitors.Rather than Mediobancas preferred candidate, Mr Perissinotto is thought to haveencouraged a stronger rescuer from private equity.

　　忠利保險在投資方向上保持著謹慎的傳統，所以有很大一部分資產投資政府債券，可惜今日的政府債券并不如老一輩想的那么安全。去年的利潤下降很大部分都得歸因于在希臘政府債券上的損失。目前，忠利保險還持有500億歐元的意大利政府債券，難免令市場擔心其預期收益。另外，忠利保險在業務網所處的位置，以及一些棘手的股權問題又給公司帶來另一些問題。米蘭投資銀行正急著救援忠利保險的一大競爭者，佩里斯諾托不是米蘭投資銀行的菜，不過他正努力游說一家更強大的私募股權公司救援忠利保險。

　　Mr Perissinottos replacement arrives with a bagful of insurance experience but mostlyobtained in American, German and Swiss firms, where the business cultures are verydifferent from Italys political wheeling, dealing and compromising. Investors expecting MrGreco to transform Generali may be disappointed.

　　繼任者格雷科確實有著豐富的保險業從業經驗，不過大多數都是從美國、德國和瑞士公司得來的經驗，這些國家商業的文化與意大利大不相同。意大利政治與商業糾葛頗多，政商交易、妥協之事也比較多。投資者當然希望格雷科能夠帶領忠利保險成功轉型，只是，怕這希望最終還是要變為失望嘍。

　　Generali;Ciao,Giovanni;Italys biggest insurer fires its boss.

　　意大利忠利保險換帥;再見，喬瓦尼;意大利最大保險公司的老板被解雇了。

　　Rarely elegant, often brutal, sacking the boss is atraumatic way to change direction. The dispatch ofGiovanni Perissinotto, Generalis chief executivesince 2001, was no exception, but at least his endcame swiftly. He was turfed out on June 2nd, justtwo days after Italys stockmarket regulator toldGenerali, the countrys largest insurancecompany, to convene a board meeting to tackle a boardroom split. Mr Perissinotto has beenreplaced by Mario Greco, currently head of general insurance business at Zurich Insuranceof Switzerland.

　　企業要轉向，解雇老板這條路是傷痛的，很少能做到優雅，大多時候都很殘酷。喬尼瓦佩里斯諾托自2001年起就擔任忠利保險首席執行官，那么現在他的離去也不例外。意大利證券市場調控機構要求意最大保險公司忠利集團召集董事會，解決董事成員之間的爭議，兩天之后，即6月2日，佩里斯諾托就被解雇了。現任瑞士蘇黎世保險公司普通保險業務總裁的馬里奧格雷科將接替佩里斯諾托的位置。

　　The main charge that several directors levelled at Mr Perissinotto was that Generali hadperformed poorly on his watch. Recent figures bear that out. Profits slumped last year to856m Euro from 1.7 billion Euro in 2010, and net profits in the first quarterof 2023 were down on the same period last year. Moreover, the Italian insurers stockmarketperformance has been far worse than that of European competitors. Since the beginning of2011 Generalis shares have lost 37% while Zurichs have declined by only 21%. Littlewonder that one director told Mr Perissinotto bluntly that he was not up to the job.

　　有好幾名董事不滿意佩里斯諾托的表現，主要是認為他在任期間，忠利保險的表現很差。而且，最近的數據尤其令人擔心：2010年的利潤有17億歐元，2011年下降到12億歐元，2023年第一季度利潤相比上年同期又有減少。另外，忠利保險的股票表現比歐洲同行差得多。自2011年初以來，蘇黎世保險股價下跌了21%，可是忠利保險的股價竟下跌了37%。難怪一名董事直接對佩里斯諾托說他工作做的很差。

　　By tradition prudent in its investments, Generali has a large portfolio of government bondsbut they are not as safe as they once seemed. Losses on Greek bonds contributed to lastyears sorry results and Generalis holding of about 50 billion Euro of Italian bonds adds to themarkets wariness. Moreover, its place in a web of business connections and some trickyshareholdings bring other problems. Its biggest shareholder is Mediobanca, an investmentbank. Mediobanca is urgently trying to seal the rescue of one of Generalis competitors.Rather than Mediobancas preferred candidate, Mr Perissinotto is thought to haveencouraged a stronger rescuer from private equity.

　　忠利保險在投資方向上保持著謹慎的傳統，所以有很大一部分資產投資政府債券，可惜今日的政府債券并不如老一輩想的那么安全。去年的利潤下降很大部分都得歸因于在希臘政府債券上的損失。目前，忠利保險還持有500億歐元的意大利政府債券，難免令市場擔心其預期收益。另外，忠利保險在業務網所處的位置，以及一些棘手的股權問題又給公司帶來另一些問題。米蘭投資銀行正急著救援忠利保險的一大競爭者，佩里斯諾托不是米蘭投資銀行的菜，不過他正努力游說一家更強大的私募股權公司救援忠利保險。

　　Mr Perissinottos replacement arrives with a bagful of insurance experience but mostlyobtained in American, German and Swiss firms, where the business cultures are verydifferent from Italys political wheeling, dealing and compromising. Investors expecting MrGreco to transform Generali may be disappointed.

　　繼任者格雷科確實有著豐富的保險業從業經驗，不過大多數都是從美國、德國和瑞士公司得來的經驗，這些國家商業的文化與意大利大不相同。意大利政治與商業糾葛頗多，政商交易、妥協之事也比較多。投資者當然希望格雷科能夠帶領忠利保險成功轉型，只是，怕這希望最終還是要變為失望嘍。