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)