UniCredit Group today announced a reorganisation project of its senior management team as it begins the development of its 2020-23 strategic plan, which will be presented to the markets in London on 3 December 2019.
This reorganisation project, approved today by the UniCredit board of directors on 6 February 2019, aims to continue the streamlining process initiated with Transform 2019, and will ensure that the management team who will deliver the next 2020-23 plan will have full ownership of the new strategy from the very outset of the planning process.
Commenting on this reorganisation project Jean Pierre Mustier, Group CEO, said: "As we reach the final stretch of our Transform 2019 marathon, nearing the achievement of our key financial and operational targets, it is now time to actively prepare for the next strategic cycle. Our overarching objective is to create sustained value for all our stakeholders, primarily through proactive self help actions focused on the development of our activities and continued optimisation of our processes, to ensure UniCredit remains a pan-European winner. We also need to provide all colleagues with a best in class work environment and experience and continue to attract the right people.
This begins with an even more energised leadership team, and a changed leadership structure that will bring this new strategy to fruition. We will build the next phase of the Group's long term transformational journey capitalising on our Transform 2019 achievements with an even stronger focus on commercial banking supported by the Group's successfully plugged in CIB. We shall also continue the comprehensive review and digitalisation of our processes and roll-out an even more proactive and enhanced Group-wide customer service.
Working very closely with all divisions, the Group Transformation office, part of the COO area, will lead the transformation efforts across the Group and will identify and implement efficiencies in terms of processes aiming to improve client satisfaction and productivity. The extended financial and control function will seamlessly underpin all Group initiatives and support the development of the various business lines."
By further streamlining the management structure with fewer direct reports, the CEO will be able to fully focus on the new strategy, drive the transformation process as well as actively contribute to the development of the next generation of UniCredit managers.
Commercial Banking, Western Europe
Francesco Giordano and Olivier Khayat are appointed co-CEOs of Commercial Banking, Western Europe . Reporting to the Group CEO, they will continue to build and expand on the already successful Transform 2019 initiatives, which include cross selling, simplification of the retail branch networks, end-to-end processes and procedures, customer satisfaction and synergies with the CEE and CIB divisions. All heads of Commercial Banking in Western Europe as well as Wealth Management will report to the co-CEOs of Commercial Banking, Western Europe .
Commercial Banking, Central Eastern Europe (CEE)
Gianfranco Bisagni and Niccolo Ubertalli are appointed co-CEOs of the Commercial Banking, CEE and will report to the Group CEO. Niccolo will integrate his new function once the proper transition of his current role as deputy CEO in Yapi Kredi bank has been defined. Both co-heads will work closely with Commercial Banking, Western Europe and the CIB divisions' teams to further enhance synergies and cross-selling in terms of products and initiatives, as well as promote best practice sharing across the teams. All CEE country heads will report to the co-CEOs of Commercial Banking, CEE.
Corporate and Investment Banking (CIB) division
Richard Burton will become sole head of the Group's fully plugged in CIB, with Alfredo De Falco, Jan Kupfer and Guy Laffineur as deputies. Their priorities will be to strengthen even further the CIB's client franchise and products as well as develop additional cross-selling with Commercial Banking Western Europe and CEE. Richard will report jointly to Commercial Banking Western Europe co-CEO, Olivier Khayat and to Commercial Banking CEE co-CEO, Gianfranco Bisagni.
Chief Operating Office (COO) function
Ranieri de Marchis will remain co-chief operating officer, with Carlo Vivaldi becoming his co- chief operating officer, both reporting to the CEO. Finja Kuetz who recently joined the Group, will become deputy COO in charge of Group Transformation. Finja will be running the activities of the Transformation & Innovation advisory board on which she will report to the Group CEO. The perimeter of the COO function encompasses amongst others; Global Operations, UniCredit Services, Real Estate and Data Office. They will also functionally coordinate the activities of Human Capital which will report to the Group CEO
Finance & Controls function
An extended function which in addition to the traditional Finance & Planning, Accounting and IR activities will incorporate Group Identity and Communication, Regulatory and Institutional Affairs, Strategy and M&A and Chief Lending Officer department. It will also functionally coordinate the activities of the Group Risk Management department, Legal and Compliance, which will all report to the CEO. This will allow for closer alignment of the competence lines and provide more scope for cooperation. The Group CEO will temporarily assume responsibility for this function until a full time head has been appointed.
After 39 years with the Group during which he held a number of senior positions, most recently as general manager, Gianni Franco Papa, in agreement with the bank, is stepping down effective 1 June 2019. Gianni will resign from his position as chairman of UniCredit AG, whilst continuing in the same role at UniCredit Bank Austria AG. The board of directors extends its thanks and appreciation to Gianni for his longstanding contribution to the development of the Group.
Implementation details will be finalised over the next few weeks and the new organisational project will be effective before the end of March.