UniCredit Nominates Andrea Orcel as New CEO
By Giulia Petroni
UniCredit SpA said Wednesday that it has nominated Andrea Orcel
as its new chief executive officer, ending a monthslong research to
replace Jean Pierre Mustier.
The Italian bank said the appointment will be confirmed upon
approval at the upcoming annual general meeting on April 15.
The nomination marks the return of one of Europe's best-known
bankers to the top tier of the sector in the midst of the
coronavirus pandemic and a prolonged period of negative interest
Mr. Orcel left his role as the head of investment banking at UBS
Group AG in 2018 after Banco Santander SA's executive chairman Ana
Botin offered him the CEO position only to cancel it months later.
Mr. Orcel is suing the Spanish bank for 100 million euros ($121.5
He succeeds Mr. Mustier, who previously announced he would step
down at the end of his term in April after clashing with the board
over future strategy.
UniCredit said that, following the AGM, the appointment of all
board members will be submitted to the European Central Bank.
Write to Giulia Petroni at email@example.com
(END) Dow Jones Newswires
January 27, 2021 13:06 ET (18:06 GMT)
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