UniCredit chairman Pier Carlo Padoan will step down as chairman of the board at the end of his term, for personal reasons, the bank announced.
UniCredit said the mutually agreed transition will be conducted in a manner and timeframe that puts the interests of the bank and its stakeholders first. The bank said it remains firmly focused on its long-term ambitions, building on the strong foundations established during Padoan's tenure.
SEARCH FOR A SUCCESSOR
Padoan will work closely with Jeffrey Edberg, as head of the bank's Nomination Committee, to identify a suitable successor and ensure an orderly and smooth handover, according to the statement.
The bank said the priority is to preserve continuity in its governance and to maintain the board's focus on the institution's strategic priorities.
A PERIOD OF TRANSFORMATION
According to UniCredit, Padoan made an invaluable contribution to the bank's strategic direction and development, guiding the institution through a period of profound change. The bank said he steered it through an operational and strategic transformation while navigating challenging circumstances arising from both the broader macroeconomic environment and the evolving political landscape.
In particular, the statement said, he built and managed relationships with national institutions across Europe and beyond, working to ensure support for the bank from stakeholders across its network.
UniCredit said that during his time at the bank it has been transformed into one of Europe's leading banks, delivering record profitability, creating substantial shareholder value through industry-leading distributions and strengthening its capital position and resilience to support long-term growth.
TRIBUTES FROM THE BOARD
The board said it wished to express its sincere appreciation for his leadership, commitment and stewardship, which it said have established a strong foundation for the bank's continued success. "He has provided stability and continuity through a period of significant transformation and challenging circumstances, while remaining steadfast in his commitment to the Board and all stakeholders," the board said.
"We are deeply grateful for his contribution and wish him every success for the future," the board added.
Group chief executive Andrea Orcel said he wanted to personally thank Padoan for his leadership and support since the beginning of his own tenure. "He has been a source of sound counsel and wisdom, and I have greatly valued our partnership," Orcel said.
Orcel said the board, the bank's GEC and he remain fully focused on delivering the strategy. "The Board, GEC and I remain fully focused on delivering our strategy, and we look forward to continuing that work through this transition and beyond," he said.
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