UniCredit: CEO Mustier resigns due to board differences
(CercleFinance.com) - Italy's largest lender, UniCredit, said on Tuesday that its CEO Jean-Pierre Mustier has agreed to step down at the end of his current mandate following a disagreement with the board.
Mustier has decided to retire from the bank at the end of his mandate in April 2021, prompting the board of directors to undertake an external and internal search for a replacement, the group said.
Mustier was appointed UniCredit's CEO in July 2016, having previously held the roles of deputy general manager and head of the corporate and investment banking unit.
According to media reports, there have been growing differences between Mustier and the board around the group's strategy.
"Over the last few months, it has become apparent that the Team 23 strategy and its core pillars no longer corresponds to the board's current thinking", Mustier confirmed in a statement.
The new Team 23 strategic plan - which was presented to markets last year - focuses on growing the customer base, while delivering 16 billion euros of value creation and 8 billion euros via capital distribution.
Investors reacted negatively to the announcement, with the UniCredit share falling almost 6% in early trading on Tuesday on the Milan Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Mustier has decided to retire from the bank at the end of his mandate in April 2021, prompting the board of directors to undertake an external and internal search for a replacement, the group said.
Mustier was appointed UniCredit's CEO in July 2016, having previously held the roles of deputy general manager and head of the corporate and investment banking unit.
According to media reports, there have been growing differences between Mustier and the board around the group's strategy.
"Over the last few months, it has become apparent that the Team 23 strategy and its core pillars no longer corresponds to the board's current thinking", Mustier confirmed in a statement.
The new Team 23 strategic plan - which was presented to markets last year - focuses on growing the customer base, while delivering 16 billion euros of value creation and 8 billion euros via capital distribution.
Investors reacted negatively to the announcement, with the UniCredit share falling almost 6% in early trading on Tuesday on the Milan Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.