Unicredit, Pier Carlo Padoan will leave presidency at the end of his mandate

Pier Carlo Padoan will leave the position of President of the Board of Directors of Unicredit at the end of his mandate for personal reasons.

Padoan will work closely with Jeffrey Edberg, as head of the Bank's Appointments Committee, to identify a suitable successor, ensuring an orderly and seamless handover.

The priority will be to preserve the continuity of the Bank's governance and keep the Board of Directors focused on the strategic priorities of the institution, we read in a note. The transition, agreed between the parties, will be managed according to methods and times that primarily protect the interests of the bank and its stakeholders.

Unicredit remains fully focused on its long-term ambitions, leveraging the solid foundations built during Pier Carlo Padoan's tenure.

Padoan, as we read in the note announcing his exit at the end of his mandate, accompanied Unicredit on a path of operational and strategic transformation, while at the same time facing a complex context, characterized by the challenges deriving from both the evolution of the macroeconomic framework and the change in the political scenario.

In particular, he has built and managed relationships with national institutions across Europe and beyond, working to ensure support for the Bank from stakeholders in the markets in which it operates.

During his tenure at Unicredit, the bank transformed itself into one of Europe's leading banking groups, achieving record levels of profitability, creating significant shareholder value through an industry-leading distribution policy and strengthening its capital position and resilience to support long-term growth.

Padoan "guaranteed stability and continuity in a period of significant transformation and particularly complex circumstances, always maintaining its commitment towards the Board of Directors and all stakeholders. We are deeply grateful to him for his contribution and wish him the best for the future". The Unicredit board of directors underlines this in a note.

"On behalf of the entire Board, we would like to thank Pier Carlo for his valuable leadership, for his strategic orientation and for his constant commitment to the bank", adds the board of directors.

"I would like to personally thank Pier Carlo for his leadership and support since the beginning of my mandate. He has been a constant source of wise advice and great experience for me, and I have greatly appreciated our collaboration." This was underlined by the CEO of Unicredit, Andrea Orcel, commenting on the president's exit at the end of his mandate.

“The Board of Directors, the Group Executive Committee and I remain fully focused on the implementation of our strategy and will confidently continue this work during the transition and in the years ahead,” adds Orcel.