UniCredit sets succession as Padoan to exit

UniCredit has stated that Chairman Pier Carlo Padoan will step down from his role at the end of his term for personal reasons. The current mandate of Padoan and the rest of the board, including CEO Andrea Orcel, runs until early 2027, when shareholders are due to appoint a new board at the meeting to approve the 2026 results. The bank describes the transition as agreed and framed around preserving governance continuity while maintaining focus on strategic priorities.

Padoan, who is 76, has decided not to seek an extension of his mandate beyond its scheduled end. UniCredit emphasises that he will remain in office until that time and will support the transition process to a new chair. The decision is presented as based on personal reasons, with no indication of changes to the bank’s broader strategic ambitions.

UniCredit has launched the formal process to identify Padoan’s successor, coordinated by the nomination committee chaired by Jeffrey Edberg. The bank says Padoan will work closely with this committee to help select a suitable candidate, with the aim of ensuring an orderly and seamless handover. Preserving governance continuity and safeguarding the interests of the bank and all stakeholders are identified as priorities for the transition.

The succession process will be carried out within timelines and methods designed to keep the board focused on UniCredit’s strategic priorities. The bank reiterates that it remains fully committed to its long-term ambitions, underpinned by what it describes as solid foundations built during Padoan’s presidency. The approach is intended to maintain stability in the bank’s oversight as it prepares for the next board cycle.

UniCredit credits Padoan’s leadership with steering the institution through a period of profound change in a complex macroeconomic and political environment. During his tenure, the bank reports having completed a deep strategic and operational transformation, strengthening profitability and its capital position. UniCredit states that it has established itself among Europe’s leading banking groups, achieving record levels of profitability and creating significant value for shareholders through a distribution policy it describes as at the top of the sector.

The bank highlights Padoan’s role in building and managing relationships with national institutions across Europe and beyond, helping to secure stakeholder support in its key markets. The board of directors has expressed appreciation for his leadership, commitment and guidance, saying these have laid strong foundations for UniCredit’s continued success. CEO Andrea Orcel has publicly thanked Padoan, noting his contribution to stability and continuity during a period of significant transformation and particularly complex circumstances.