UniCredit SpA (UCG.MI) said Wednesday that Fabrizio Saccomanni is set to become chairman of the board of directors next year.
The Italian company said the board unanimously elected Mr. Saccomanni, 74, as non-executive director, with a mandate until next year's annual general meeting. At that time, Mr. Saccomanni will stand for election as UniCredit's chairman for the 2018-2021 term, replacing Guiseppe Vita.
The bank said Fabrizio Palenzona would step down to make room for Mr. Saccomanni, as part of the bank's corporate governance review.
Mr. Saccomanni formerly served as Italy's minister of finance and as deputy governor of the Bank of Italy.
"Considering Mr. Fabrizio Saccomanni's professional background and status, the board of directors has concluded that he is the best candidate for the position as chairman of UniCredit for the next term," the company said.
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(END) Dow Jones Newswires
November 08, 2017 11:30 ET (16:30 GMT)