UniCredit: Chairman Padoan to step down at the end of his term
Decision taken for ‘personal reasons’. CEO Orcel: ‘A constant source of advice and experience’
Pier Carlo Padoan will step down as chairman of UniCredit at the end of his term of office for ‘personal reasons’. The bank announced this in a statement, clarifying that the decision was mutually agreed and that the handover will be managed in such a way as to ensure continuity in the group’s governance and strategic priorities.
Padoan’s departure – his term of office is due to end next spring with the renewal of the board – comes at the conclusion of a period of profound transformation for UniCredit. Under the operational leadership of CEO Andrea Orcel and Padoan’s chairmanship, the group has strengthened its position in Europe, delivering record returns. Throughout this process, Padoan has played a significant role in managing the board and in fostering relations with national and European institutions, against a backdrop of profound change characterised by geopolitical tensions and consolidation within the banking sector.
CEO Andrea Orcel wished to “personally thank Pier Carlo for his leadership and support since the start of my tenure. He has been a constant source of wise advice and vast experience to me, and I have greatly appreciated our collaboration”. The banker emphasised that the board of directors and the entire bank remain “fully focused on implementing our strategy, and we will continue this work with confidence throughout the transition and in the years to come”.
The Board of Directors unanimously expressed its gratitude to Padoan for ensuring ‘stability and continuity during a period of significant transformation and particularly complex circumstances’
Work is now beginning on the succession process ahead of the board’s renewal. Padoan will be working alongside Jeffrey Hedberg, chair of the Nomination Committee. The aim is to ‘identify a suitable successor, ensuring an orderly handover without any disruption’. The bank’s priority will be “to preserve the continuity of the bank’s governance and keep the Board of Directors focused on the institution’s strategic priorities”.
