The vice presidents of Unicredit, Luca Cordero di Montezemolo e Fabrizio Palenzona they will no longer be part of the board of the Bank led by Jean-Pierre Mustier. This is the most probable consequence of the bank's new governance, one of the pillars of the new plan that Mustier will present in London immediately after the referendum.
The goal is renew the Bank's image and efficiency when it is preparing to ask the market for a considerable amount capital increase, which, after the sales in progress, should be around 10 billion euros.
The governance model developed by Mustier is in line with international best practices and foresees a board of no more than 15 members, with a roof of three terms for the councilors and more space for the independent. The current vice presidents, Luca Cordero di Montezemolo and Fabrizio Palenzona, who have headed the bank for many years, will in all probability leave the board.
