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UniCredit says CEO Ghizzoni ready to step down, looks for replacement
May 24, 2016 / 6:26 PM / a year ago

UniCredit says CEO Ghizzoni ready to step down, looks for replacement

MILAN, May 24 (Reuters) - Italy's biggest bank by assets, UniCredit, said on Tuesday embattled Chief Executive Federico Ghizzoni was ready to step down as expected.

At a meeting on Tuesday, the bank's board had mandated Chairman Giuseppe Vita to start the succession process, it said in a statement.

"The UniCredit board of directors and Federico Ghizzoni acknowledged that the conditions are now such that it is time for a change at the top of the group," the bank said.

It said Ghizzoni had agreed to stay on until a replacement is found and to support his successor in the transition. (Reporting by Gianluca Semeraro, writing by Silvia Aloisi; editing by Agnieszka Flak)

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