MILAN (Reuters) -UniCredit said on Wednesday new Chief Executive Andrea Orcel had reorganised the group’s top management structure, removing twin heads who used to lead the top corporate functions under previous CEO Jean Pierre Mustier.
UniCredit said a 15-member Group Executive Committee (GEC) would replace the current Executive Management Committee (EMC) comprising 27 people. The bank also plans to cut to 15-20 at most 44 existing internal committees.
“I have spent the last few weeks speaking and listening to our people,” Orcel said in a message to staff.
“I have heard your concerns about the complexity of our business … I have felt your frustration about some of the decisions that have been made; confusion about where ultimate responsibility lies; and the resulting lack of accountability.”
UniCredit removed the Western Europe and Finance & Controls divisions, appointing as head of Italy Niccolo Ubertalli, who was previously in charge of Eastern Europe together with Gianfranco Bisagni.
Under the previous structure, Italy, like Germany and Austria, fell under the Western Europe division.
Like the heads of Germany, Central Europe and Eastern Europe, Ubertalli will now report directly to Orcel, in a move that UniCredit said reflected “the critical importance” of the country to the group.
(Reporting by Valentina Za, editing by Agnieszka Flak)
