Following the successful implementation of the Transform 2019 strategic plan, by the end of this term Mr Mustier will have completed an extensive revamp of the Group that considerably strengthened it both financially and operationally and has allowed UniCredit to withstand the unprecedented COVID-19 related economic upheaval from a position of strength. With the nomination of Professor Pier Carlo Padoan as chairman designate, the work on the future board composition can now be initiated. Mr Mustier will remain in his post to ensure a smooth transition, either until the end of his mandate or until a successor has been appointed.

Mr Mustier and the management team remain fully focused on the execution of the Team 23 strategic plan, as well as actively addressing the challenges created by the COVID-19 pandemic and continue to support staff, customers and the real economy at this difficult moment in time.

Mr Mustier was appointed UniCredit's Group CEO in July 2016, having previously held the role as Deputy General Manager, Head of the Corporate and Investment Banking (2011-15).

The chairman designate and the UniCredit board of directors will undertake a wide-ranging external and internal search for a replacement for Mr Mustier following a thorough and rigorous selection process, reflecting the Group's commitment to strong corporate governance.

Jean Pierre Mustier, outgoing CEO of UniCredit, said: "First of all I want to thank all my colleagues throughout the Group for their extraordinary commitment over the last years. Together we successfully delivered the Transform 2019 plan, and as a result we are in a strong position to continue supporting our clients and communities in all of our countries and remain a pan-European winner.

"Over the last few months, it has become apparent that the Team 23 strategy and its core pillars no longer corresponds to the board's current thinking. Hence I have decided to retire from the Group at the end of my mandate in April 2021, to allow the new board to elaborate a future strategy.

"In any event, I have always said that five years was the ideal stretch of time for someone to remain CEO, and my five years at UniCredit have been, to say the least, an extraordinary experience. I am proud of what we have achieved during my term as CEO and how far the Group has come in such a short time. Keep doing the right thing!"

Professor Cesare Bisoni, chairman of the UniCredit board of directors, said "I believe UniCredit owes a lot to Jean Pierre who took the reins of the Group in a very difficult moment and achieved an incredible turnaround, fully implementing the Transform 2019 Strategic Plan and then strongly leading the Group through the crisis triggered by the pandemic of COVID-19. I am sad for today's decision which nevertheless once again shows his great professionalism and deeply increases my respect for him."