The changes of the managing director Jean Pierre Mustier continue, since 30 June at the helm of Unicredit.
The bank «has defined a new organizational structure, with the aim of simplifying the group, making the operational structure more efficient, identifying roles and responsibilities of senior management more clearly, strengthening the ability to identify responsibilities thanks to decision-making and shorter carryovers», announces a note.
The deputy general manager Gianni Franco Papa becomes general manager "with broad and strengthened powers", while deputy general manager and COO, Paolo Fiorentino, will leave the group. The financial director Bernardo Mingrone will also leave Unicredit. Gabriele Piccini on the other hand "will leave his position as head of activities in Italy and will take on another position".
Ranieri De Marchis, currently head of audit and internal control activities, will be responsible for guiding operational activities, together with Francesco Giordano, current Chief Financial Officer of HVB, the group's German bank. Both will also serve as co-Chief operating officers.
Mirko Bianchi will become CFO of the entire UniCredit group (today he is CFO of BankAustria). The Italian assets, under Pope's supervision, will be entrusted to Andrea Casini, currently head of Bulgaria, and Giovanni Ronca, currently head of the New York branch. Marina Natale will lead the Strategy and M&A structure in the strategic review phase of the activities.
«The model that is being announced today», Mustier declared, «represents the first step in the reorganization of the bank. The goal is to make our group leaner, simpler and more efficient. With a lighter structure, a shorter reporting line and clearer responsibilities, we will be able to boost a group culture centered on rigorous risk and cost discipline and strongly focused on the ability to execute".
Investors do not seem to have taken the news well, which was released shortly before the closure of Piazza Affari. THEThe stock closed down 2,27%. During the session, Equita Sim reduced the target price on the stock from 4,1 to 3,1 euro and confirmed the "hold" recommendation. ICBPI, on the other hand, confirmed the "buy" recommendation and the target price at 5,6 euros.
