UniCredit starts hunting for permanent chief after Alessandro Profumo quits

ITALY’S biggest bank UniCredit took a first step in picking a replacement for its chief executive yesterday, who resigned this week after a power clash with shareholders.

The board’s strategic, governance and remuneration committees began to prepare the criteria for a successor to Alessandro Profumo, but there is still no list of candidates, said a source close to the issue.

Profumo quit on Tuesday amid board rancour over Libyan stake-building and flagging results.

The departure of Profumo, Europe’s longest-serving bank chief executive, has left UniCredit rudderless as it struggles to recover from the financial crisis and a series of acquisitions. Chairman Dieter Rampl is acting chief executive and has vowed to replace Profumo in a matter of weeks.
The Bank of Italy yesterday added its voice to those calling for a speedy succession.