UniCredit CEO Jean Pierre Mustier to Leave Bank in April -- Update

By Giovanni Legorano

ROME -- Italian bank UniCredit SpA said late Monday that Chief Executive Jean Pierre Mustier will leave the bank in April.

Mr. Mustier's departure follows months in which disagreements with the board of the bank over the lender's strategy had intensified.

"Over the last few months, it has become apparent that the Team 23 [the bank's business plan] strategy and its core pillars no longer correspond to the board's current thinking," Mr. Mustier said in a statement. "Hence I have decided to retire from the Group at the end of my mandate in April 2021, to allow the new board to elaborate a future strategy."

UniCredit held a board meeting on Sunday night in which these matters were discussed. The bank said he would remain at the helm of the bank either until the end of his mandate or until a successor is appointed.

Write to Giovanni Legorano at giovanni.legorano@wsj.com

(END) Dow Jones Newswires

November 30, 2020 15:52 ET (20:52 GMT)

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