“In recent months, it has become apparent that the strategy of the ‘Team 23’ plan and its founding pillars are no longer in line with the current vision of the board of directors,” explained the French leader.
Frenchman Jean-Pierre Mustier, who has headed Italian bank UniCredit since 2016, will leave his post in April 2021, due to differences over the strategy to be pursued, the bank announced in a statement Monday evening.
Mr. Mustier, who has led a major transformation of the bank for four years, told UniCredit’s board that he would not seek a new term.
“In recent months, it has become apparent that the strategy of the ‘Team 23’ plan and its founding pillars are no longer in line with the current vision of the board of directors,” explained the French leader, quoted in the press release. “Consequently, I made the decision to leave the group at the end of my mandate in April 2021, so as to allow the Board to define the future strategy”.
“Anyway, I’ve always felt that five years is the ideal time to fill the role of CEO in a company and my five years at UniCredit have been an amazing experience. I am proud of what we have accomplished and achieved in such a short period of time, ”he added.
According to banking sources interviewed by AFP, tensions have arisen in recent months between Mr. Mustier and part of the board of directors about the group’s Italian strategy.
In particular in question: the proposal made by the Italian government to UniCredit to buy the BMPS bank, which benefited from a public rescue in 2017.
Mr. Mustier, who arrived at the head of UniCredit in July 2016, had implemented a vast reorganization of the group, which was then among the less performing banks during stress tests conducted by the European Banking Authority (EBA).
UniCredit raised 13 billion euros via a capital increase, cleaned its accounts of billions of euros of bad debts and sold various assets deemed non-strategic, such as its stakes in Finecobank and Mediobanca.
“Thanks to the implementation of the Transform 2019 strategic plan, by the end of his mandate, Mr. Mustier will have completed the renovation of the group, which has emerged significantly strengthened both financially and operationally, allowing him to face safely the economic consequences of the unprecedented crisis linked to COVID-19, ”the bank said.
“With the appointment of Pier Carlo Padoan (a former Italian Minister of Finance, Editor’s note) as president, it is now possible to launch work on the future composition of the board of directors,” she added, specifying that Mr. Mustier would remain “in office until the end of his term or the appointment of a successor to ensure an orderly transition.”
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