UniCredit says CEO Mustier to step down

Unicredit bank CEO Mustier poses during the shareholders meeting in Rome

MILAN (Reuters) – Italy’s UniCredit said Chief Executive Jean Pierre Mustier would step down at the end of his current term in April 2021.

UniCredit said chairman designate Pier Carlo Padoan and the board of directors would undertake a wide-ranging external and internal search for a replacement.

“It has become apparent in recent months that the ‘Team 23’ (business plan’s) strategy and its core pillars no longer corresponds to the board’s current thinking,” Mustier said in a statement.

“Hence I have decided to retire from the group at the end of my mandate in April 2021, to allow the new board to elaborate a future strategy,” he added.

(Reporting by Valentina Za, editing by Stephen Jewkes)