Unicredit, Ghizzoni has resigned, the board of directors starts the procedure to find the information again – The Republic

MILAN – Two hours of council to ratify the turning point, in a decision that some of the leading members meditated for at least six months, but that was not possible for the opposition of the board, on 9 February gave unanimous support to the CEO Federico Ghizzoni. This time it did not happen, and the 17 councilors have taken note of the banker Piacenza availability to take a step back, after 36 years in the bank and five and a half as CEO.
The termination of the relationship with Ghizzoni – which will keep the ordinary powers until the appointment of the new high – gives the possibility to the president Giuseppe Vita to involve the internal governance committee to the board of directors and to activate the procedure for his replacement, with the ‘aim to appoint new to the board already on the agenda June 9.

at today’s meeting, convened with only one item on the agenda (Information of the president and the managing director) has initiated the process for the search for his successor, for which it will seek to speed before the board meeting of June 9th.

the identikit that recruiters look for is that of a banker with international experience, good relations with the market, management of complex organizations and a certain eclecticism, since this is a Unicredit bank credit in many trades and many geographies. According to reports the most likely candidates were due to a rose rather narrow: Marco Morelli (Bofa), Flavio Valeri (Deutsche Bank), Alberto Nagel (Mediobanca), Sergio Ermotti (UBS).

The will of most of the directors and shareholders of the stable is to reduce to a minimum the time of the managerial parts: also because, with the exception of today, the market has made dear pay the uncertainty – as far as he himself has denied Ghizzoni internal tensions – and the ‘Unicredit action has yielded more than 40 percentage points year to date. The Bloomberg basket of European banks lost half, in the same period, while the Italian is closest with a -35%.

Bloomberg the chart shows the comparison between the Unicredit share (in white) and the European banks of the basket (in yellow), year to date

Topics:

Unicredit

Milan Stock

cda

Starring:

Federico Ghizzoni

Giuseppe Vita

Alberto Nagel

Sergio Ermotti

Flavio Valeri

Marco Morelli