Did Alessandro Profumo's departure as CEO of UniCredit after a decade and a half at the top come as a surprise to Federico Ghizzoni, the man appointed from within as his successor? The answer is yes - and no. In his first English-language interview since being appointed to the post at the end of September 2010, Mr Ghizzoni tells The Banker Mr Profumo's resignation was "unexpected, there was no special reason", but he also acknowledges there had been "a progressive lack of chemistry between the management and the board".
The main point of contention is clear enough, as described in our November 2010 edition. The bank had become torn between the Fondazione - longstanding Italian strategic investors who own no more than 15% of UniCredit's shares but hold a majority on the board of directors - and its breakneck international expansion over the decade, starting with the acquisition of Bank Pekao in Poland in 1999.
