- Push-out Score determined
- After about five years in the position
- Praise and words of regret for Mustier
- Search for a successor
- Mustier spoke at length and said 176 words
(exechange) — Milan, Italy, November 30, 2020 — Jean Pierre Mustier, chief executive of UniCredit, leaves. As announced by UniCredit SpA in a news release on Monday, November 30, 2020, Jean Pierre Mustier leaves his post as chief executive officer of the Italian global banking and financial services company after about five years in the role, effective at the end of his mandate or when a successor has been appointed.
UniCredit will undertake a search for a successor.
“The Team 23 strategy and its core pillars no longer corresponds to the board’s current thinking”
Jean Pierre Mustier’s departure from the CEO post is explained as follows. Jean Pierre Mustier said: “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.”
Precise information regarding Jean Pierre Mustier’s future plans was not immediately available.
“Retiring”
UniCredit said: “UniCredit today announced that its current CEO, Jean Pierre Mustier, has informed the board of directors that he will be retiring from his role at the end of his mandate which expires in April 2021, concurrent with the overall board.”
UniCredit further said: “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.”
Share price decline since November 2017
The announcement follows a decline in UniCredit S.p.A.’s share price of 45% since November 2017.
Chaired by Cesare Bisoni
Cesare Bisoni serves as UniCredit S.p.A.’s Chairman.
In the position of CEO since 2016
Jean Pierre Mustier became CEO of the Company in 2016.
Jean Pierre Mustier began his career at Société Générale, where he remained from 1987 until 2009, working primarily within the Corporate & Investment Banking division.
He held numerous positions in various markets and financing activities, in Europe, but also in Asia and the US.
Jean Pierre Mustier was appointed head of Société Générale’s Corporate & Investment Banking Division in 2003, and was also a member of the bank’s Executive Committee.
In September 2008, he took over the responsibility for Asset Management, Private Banking and Securities Services.
After leaving Société Générale at the end of 2009 he has advised many financial institutions and completed large amounts of fundraising for various social enterprises and non-profit institutions, also as trustee.
In early 2011 he joined UniCredit as Deputy General Manager in charge of the Corporate & Investment Banking (CIB) Division.
He was a member of the UniCredit Executive Management Committee. Upon stepping down from his executive role at UniCredit at the end of December 2014, he joined the bank’s international advisory board.
In January 2015, Jean Pierre Mustier became a London based partner of Tikehau Capital, an investment management group, with specific focus and responsibility for Tikehau’s international expansion.
On 30th June 2016 he was co-opted as member of the board of directors of UniCredit S.p.A., being thereafter appointed as Group Chief Executive Officer and General Manager effective 12th July 2016.
On 1st July 2019, Jean Pierre Mustier became President of the European Banking Federation (EBF).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to UniCredit and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2020 ($).