UniCredit SpA (UCG), Italy’s biggest bank, said Chairman Dieter Rampl won’t stand for another term as the lender decides whether to reduce the size of its board.
“Rampl informed the board of his decision not to be available for a further mandate,” the Milan-based company said yesterday in a statement. UniCredit’s board expires in April and shareholders are scheduled to elect a new board May 11.
UniCredit may cut the size of the board to 15 members from 23, La Stampa reported earlier this month. Rampl, 64, who presented the plan to the Bank of Italy, has sought to reduce the seats assigned to the lender’s foundations, which include Fondazione CRT and Cariverona, to three from nine, the newspaper said.
Chief Executive Officer Federico Ghizzoni, 56, may be reconfirmed in his role after the bank completed a 7.5 billion euro ($10 billion) share sale in January to plug a capital shortfall and comply with European Banking Authority targets.
Ghizzoni, to entice investors, said he would undertake a cost-cutting reorganization and boost profitability as the bank focuses on four core countries: Italy, Germany, Austria and Poland.
The lender also is reducing staff to help boost profitability after reporting a third-quarter loss of 10.6 billion euros.
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