December 10, 2010 / 4:13 PM / 9 years ago

UPDATE 1-Generali names Vagnone Italy manager -source

* Vagnone is former CEO of Allianz’s Italy unit RAS

* Generali shares down 0.4 pct, in line with sector

(Adds details, background, shares)

MILAN, Dec 10 (Reuters) - Assicurazioni Generali SpA (GASI.MI), Europe’s third largest insurer, appointed Paolo Vagnone as its Italy country manager on Friday, an executive committee source said, completing a corporate governance overhaul.

The executive committee’s appointment of Vagnone, a former chief executive at Allianz’s ALVG.MI Italy unit RAS, will be examined by next week’s board meeting, the source said.

In April, Generali approved the appointment of Cesare Geronzi as non-executive chairman, replacing executive chairman Antoine Bernheim, and co-CEO Giovanni Perissinotto, who had been responsible for Italy, as Group CEO.

In a speech to Generali staff on Thursday, Geronzi said the Italy country manager appointment was among innovations being introduced in Generali’s governance revamp.

At 1506 GMT, Generali shares were down 0.47 percent at 14.81 euros. The STOXX Europe insurance index .SXIP was down 0.36 percent. (Reporting by Alberto Sisto; Writing by Nigel Tutt)

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