Italian insurance company Assicurazioni Generali has ousted its chief executive.

The insurer said in a statement that its board of directors decided Saturday to terminate the employment contract of Giovanni Perissinotto.

Perissinotto has worked for Generali for more than 30 years. He was serving as general manager and Group CEO.

The company says Mario Greco, a top official with the Zurich Insurance Group, has been selected as Generali's next general manager and Group CEO.

No date was given for Greco's arrival.

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