UniCredit CEO Andrea Orcel Reshuffles Management in First Move

Cecilia Nysing

UniCredit SpA Chief Executive Officer Andrea Orcel drastically reduced the ranks of top management and cut back on co-head structures to simplify decision-making as part of his first major changes since taking over.

In a bid to increase accountability, Orcel set up a new group executive committee of 15 members to replace the previous 27-member body, the Milan-based lender said in a statement on Tuesday.

Andrea Orcel

Photographer: Jason Alden/Bloomberg

Italy, Germany, central Europe and eastern Europe will now form geographic areas directly reporting to the CEO, while the corporate and investment banking division will serve all regions.

As part of the organizational changes, Orcel removed the co-head system implemented by predecessor Jean Pierre Mustier, appointing Niccolo Ubertalli as head of Italy and Ranieri de Marchis as group operating officer.

Stefano Porro will remain in his role as CFO, Richard Burton stays on as head of corporate and investment banking, and risk will continue to be led by TJ Lim. A newly created digital division will be headed by Jingle Pang.

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