Andrea Orcell, new CEO of Unicredit, reorganized the institute's management team. This was announced by the Bank in a note, explaining that the new organizational structure "will be responsible for developing the new strategic plan in the second half of 2021".
Here are the names of the new team:
- Head of Italy – Niccolo Ubertalli
- Head of Germany – Michael Diederich
- Head of Central Europe – Gianfranco Bisagni
- Head of Eastern Europe - Teodora Petkova
- Head of Corporate & Investment Banking – Richard Burton
- Chief Financial Officer – Stefano Porro
- Group People & Culture Officer – Annie Coleman
- Group Digital & Information Officer – Jingle Pang (interim Daniele Tonella)
- Group Operating Officer – Ranieri de Marchis
- Head of Group Strategy & Optimization – Fiona Melrose
- Head of Group Stakeholder Engagement – Joanna Carss
- Group Risk Officer – TJ Lim
- Group Compliance – Serenella De Candia
- Group Legal Officer – Gianpaolo Alessandro
First, with the reorganization arises a new executive committee (Group Executive Committee, GEC), composed of 15 members, replacing the current Executive Management Committee (EMC), which has 27 members.
Furthermore, the Bank eliminates a hierarchical level from the organizational structure, minimizing the presence of co-heads leading structures and businesses.
Italy, Germany, Central and Eastern Europe become the geographical areas reporting directly to the CEO e Italy is considered as an autonomous geographical area, which, according to the Bank, underlines "the crucial importance for the group".
The area of Corporate and Investment Banking it is placed at the service of all geographies and is born a new Digital division, "which brings technology, digitization and data into the new GEC, ensuring its full inclusion in every strategic decision", continues the note.
Orcel also launches a program of simplification of the entire organization, starting with the Spa, “reducing the number of committees from 44 to a maximum of 15/20”.
Finally, one is created new People and Culture division which extends the mandate of the previous Human Capital function.
"When I was appointed CEO of Unicredit, I promised that one of my first priorities would be to reduce complexity and simplify the organizational structure," he said. Orcel – Today you can see the first step in this direction: streamlining the business, clarifying the key roles of the organization and increasing the sense of responsibility to ensure better results for our stakeholders. I also said that we would increase the pace of digitization so that technology and data are inherent in every decision and today we announce a new Digital division to ensure a full integration of them as key elements of our DNA”.
At the business level, "it is essential that we recognize our origins and cultural roots that have formed us and it is for this reason that we make Italy an autonomous geography alongside Germany, Central and Eastern Europe - concludes Orcel - I am well aware that our people will be the engine of Unicredit's success and today we are also announcing a broader People & Culture function that will allow us to attract and develop the best talent to transform the Bank. This is just the first step of an ambitious program aimed at realizing Unicredit's full potential. It will allow us to move from a period of downsizing to one of sustainable and profitable growth”.
