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UniCredit names Bisoni chairman

UniCredit SpA said Cesare Bisoni will officially become its chairman after assuming the role when Fabrizio Saccomanni died in August.

Bisoni, who previously served as Saccomanni's deputy before his death, will take on the role until the term of the current board expires in April 2021. Bisoni said he does not intend to be a part of the Italian lender's next board and will work on a succession plan in 2020 "to guarantee a smooth handover for the next board mandate."

Additionally, Martha Böckenfeld stepped down as an independent board member, effective immediately. The bank's board said it will co-opt two nonexecutive directors to replace Saccomanni and Böckenfeld and confirm the appointments during its general shareholders' meeting in April 2020.