UniCredit Hit by Departure of Two Board Members
01 June 2016 - 8:00PM
Dow Jones News
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.
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