At today's session, the UniCredit Board of Directors and Federico Ghizzoni acknowledged that the conditions are now such that it is time for a change at the top of the Group. Federico Ghizzoni has expressed his willingness to work with the Chairman to find an agreement to terminate his contract to be submitted to the relevant bodies for approval, in full compliance with the applicable laws and regulations. Mr Ghizzoni has agreed to stay in office until such time as his successor is appointed and to provide all necessary support during the transition stage.
The Board of Directors has consequently empowered the Chairman to initiate the CEO succession process.
The Board of Directors unanimously thanked Federico Ghizzoni for the high quality of his work in the interests of the UniCredit Group, its shareholders and employees. The Board also expressed its genuine appreciation for the great skill and dedication with which he led the bank under extremely challenging market conditions.
Milan, May 24, 2016
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