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UniCredit COO, CFO to leave as group adopts new organizational structure


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UniCredit COO, CFO to leave as group adopts new organizational structure

UniCreditSpA's board approved a new organizational structure aimed atsimplifying the group, establishing a more efficient operational set-up andbolstering accountability through shorter reporting lines.

CEO Jean-Pierre Mustier will have fewer direct reports andwill focus on the bank's strategy, risks and cost structure. Mustier willretain direct oversight of strategy, risk management, compliance, HR andoperating activities. Marina Natale, who will head the strategy and M&Ateam for the period of the strategic review, will directly report to Mustier.

UniCredit Deputy General Manager and Head of the corporateand investment banking division Gianni Franco Papa will take up an expandedgeneral manager role. Papa will focus on developing the Italian lender's clientoffer, maximizing cross-selling and value creation, as well as drivingUniCredit's digital strategy and the change of its services model.

The bank promoted Gianfranco Bisagni and Olivier Khayat to co-headsof CIB from deputy co-heads of the division. Both Bisagni and Khayat willcontinue to report to Papa.

UniCredit named Ranieri de Marchis and Francesco Giordanoco-COOs, who will report to Mustier. De Marchis serves as UniCredit's head ofinternal audit and Giordano serves as CFO of UniCredit Bank AG, or HypoVereinsbank. De Marchis willtake charge of IT and operational activities, security and internal controlsystems, while Giordano will be responsible for cost management, purchasing,real estate and all finance functions. De Marchis and Giordano will replacedeparting COO Paolo Fiorentino.

The bank named Mirko Bianchi group CFO, replacing BernardoMingrone, who will also leave the bank shortly. Bianchi currently serves as CFOof UniCredit Bank AustriaAG.

UniCredit nominated Andrea Casini and Giovanni Ronca asco-heads of the group's Italian franchise, with both the nominees reporting toPapa. Casini, who serves as general manager of , will focus onthe transformation of the retail side of the Italian network, with RemoTaricani as deputy head of retail in Italy. Ronca, who serves as generalmanager of UniCredit's New York branch, will focus on the network's corporateside, with Lucio Izzi as deputy head of corporate in Italy.

All the above appointments are effective Sept. 1.

UniCredit also noted that Gabriele Piccini will step down ashead of Italy to take up another post within the group.