FUR Fugro NV

MILAN—UniCredit SpA said two of its board members have resigned, signaling further boardroom upheaval for the Italian bank as it searches for a new chief executive.

The lender announced late Tuesday that Manfred Bischoff resigned for personal reasons and that Helga Jung was set to leave because of her commitments at the Allianz SE, a UniCredit shareholder.

Ms. Jung, who represents Allianz on UniCredit's board, holds a number of positions at the German insurer, including sitting on its board and being chairwoman of the supervisory board of Allianz Asset Management AG.

UniCredit said that Allianz has proposed the appointment of Sergio Balbinot, a former Assicurazioni Generali SpA top manager and an Allianz board member, to replace Ms Jung.

Mr. Bischoff is a board member of Daimler AG, Airbus NV and SMS Holding GmbH, according to UniCredit.

The resignations come as UniCredit prepares to name a new CEO after Federico Ghizzoni agreed to step down last week. The bank is heading for a management shake-up and a likely cash call to shore up its thin capital buffer.

On Wednesday, a group of four board members headed by UniCredit Chairman Giuseppe Vita will meet to select a headhunter, who will compile a list of possible successors for the bank's CEO.

Mr. Ghizzoni agreed last week to step down after months of mounting speculation about his possible departure, as investors pummeled the bank's stock and major shareholders grew increasingly convinced that new leadership was needed to restore confidence.

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

(END) Dow Jones Newswires

June 01, 2016 05:45 ET (09:45 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.