Italy’s biggest bank is yet to find a new CEO to replace Federico Ghizzoni who was terminated in May. UniCredit’s board chairman Giuseppe Vita told local media that choosing the new CEO will not happen until the end of July.
Vita said that the bank still has to bolster its capital base after a dismal performance and low profitability during Ghizzoni’s six-year tenure. Ghizzoni’s successor is expected to steer UniCredit from a downward spiral.
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