UniCredit to Pick Andrea Orcel for CEO Job, Source Says
By Giovanni Legorano and Patricia Kowsmann
Andrea Orcel, one of Europe's best-known bankers, has been
picked to lead Italy's UniCredit SpA, according to a person
familiar with the process, marking a surprise comeback amid his
continuing legal fight with Spanish lender Banco Santander SA.
The pick, which still needs to be approved by the Italian
lender's board, ends a monthslong search during which the bank
scrambled to find a replacement for Frenchman Jean Pierre Mustier,
who in November said he would step down after a rift with the board
over future strategy.
For Mr. Orcel, the appointment represents a return following a
very public clash with Santander and its powerful executive
chairman, Ana Botin, who in 2018 offered Mr. Orcel the CEO post
only to cancel it months later. Mr. Orcel is suing the bank for 100
million euros ($121.4 million).
Mr. Orcel has been keen on getting the UniCredit job, flying
frequently to Italy from London over the past weeks to lobby for
the position, according to people familiar with the situation.
Write to Giovanni Legorano at firstname.lastname@example.org and
Patricia Kowsmann at email@example.com
(END) Dow Jones Newswires
January 26, 2021 11:57 ET (16:57 GMT)
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