Zurich Insurance boss Mario Greco has lost another top executive, just four months into a new job, a source told finews.com. The departure is the latest in a string of exits at the Swiss insurer under the former Generali chief executive.
Last November, Zurich boss Mario Greco appointed Isabelle Welton as overall head of marketing, communications and corporate culture, after the previous communications head departed.
Two weeks ago, Welton has left the insurer suddenly and acrimoniously, two sources familiar with the matter told finews.com. Her most recent role at the insurer, which is in the middle of a restructuring under former Generali boss Greco and considering raising capital, lasted just over four months.
A spokesman for Zurich confirmed Welton's departure, saying she remains a strategic consultant as well as a member of the insurer's charitable foundation.
Questions Over Greco
Welton, a former CEO of IBM in Switzerland, had been something of a loyal «girl Friday» to Zurich, moving between marketing, human resources, and chief of staff roles in the past four years. Her departure raises questions over Greco's leadership because she is the latest in a string of people working closely with him to bolt.
Earlier this year, Greco lost key ally and Zurich veteran Claudio Gienal, who he replaced with an executive from Generali.
Washington Hire
At Zurich, Greco is attempting to replicate the type of turnaround he engineered as CEO of Generali. He has thus far slimmed Zurich's business by combining units and attempted to simplify a complicated matrix organization.
The departures of Welton, Gienal, communications executive Andreas Hildenbrand and others represent setbacks on that journey.
Zurich said it is rehiring Francis Bouchard (pictured above) as head of communications and public affairs, effective July 1. He is a familiar face in Zurich: Bouchard previously worked for the insurer as communications head until 2010, and later as head of government and industry affairs. He is currently an independent Washington-based communications consultant.
