Former finance minister Pier Carlo Padoan was named chairman of Italy’s UniCredit in October 2020. The bank has had a particularly tumultuous time since then.
In November, after clashing with the board over strategy, chief executive Jean Pier Mustier announced he would step down in April. A suggested purchase of troubled Monte dei Paschi di Siena (MPS), now in the government’s hands, was flagged as one of the contentious points that soured relations, although Mr Mustier said at the time he was open to a deal if it was “cost neutral for UniCredit”. He will be replaced by Andrea Orcel, an Italian national and former head of investment banking at UBS.
