NU Online News Service, June 4, 12:09 p.m. EDT

A stockholders’ revolt leading to the ouster of Generali Group’s longtime chief executive officer has resulted in Zurich Insurance Group losing its CEO of General Insurance.

Zurich announced this morning that Mario Greco, CEO, General Insurance, will return to Italy to assume the role of Generali Group CEO.

Zurich says Greco’s departure was immediate and that Zurich Group CEO Martin Senn would head the General Insurance segment on an interim basis until a permanent replacement is announced.

In a statement Senn says, “I would like to thank Mario for all he has done for Zurich. He has done an excellent job as CEO of both General Insurance and Global Life. While I deeply regret his departure, I fully understand and support his decision to take on this new challenge and wish him only the very best both from a business and personal point of view.”

Greco joined Zurich in October 2007 and was appointed CEO Global Life in April 2008. He assumed the role of CEO, General Insurance in July 2010.

The board of Generali Group fired Giovanni Perissinotto as managing director and group CEO of the company. The board said on Saturday that it was proposing to give Greco the managing director and CEO job upon termination of his employment with Zurich.

Perissinotto was named general manager in 1998 and managing director of Generali Group in 2001.

According to the Financial Times, Perissinotto was fighting off a revolt from shareholders and board members over the company’s performance. The company has lost 45 percent of its market share in the past 12 months.

Generali Group is Italy’s major insurance company with a history dating back to 1831. Its primary business is on the life side, but it also offers non-life business on a global basis.