The change in the composition of the board of directors of Italy’s largest bank, UniCredit, is expected to culminate on Thursday with the appointment of Deputy CEO Federico Ghizzoni as the new head of the institution, following the departure of Alessandro Profumo, Italian media report.
Ghizzoni’s appointment will be interpreted as a signal of continuity rather than a radical change in direction. Ghizzoni is the most likely candidate according to the newspaper Il Sole 24 Ore, which has shown to be very well informed about the circumstances at the bank. He will be proposed during the day by the chairman of the supervisory board, Dieter Rampl, at a meeting at the bank’s subsidiary Bank Pekao in Warsaw. UniCredit has declined to comment on this report.
It seems that after several days of consultations between Rampl and shareholders, Ghizzoni has emerged as the most likely candidate, although another deputy, Roberto Nicastro, was previously mentioned. Ghizzoni (54) is responsible for operations in Central and Eastern Europe and has been with the bank since 1980. The new head is expected to focus more on strategy and will collaborate with two executive directors who will dedicate more attention to current business issues and are likely to be appointed in a few weeks so that he can participate in their selection, the Italian newspaper writes. (H)
