Fabrizio Palenzona has advised the Chairman of the Board of Directors that, with immediate effect, he was stepping down from his role as UniCredit Vice Chairman.
According to the bank, Mr. Palenzona made the decision to step down in order to facilitate the planned 2018 corporate [ds_preview]governance changes announced by UniCredit at its Capital Market Day on December 13, 2016.
The suggested evolution of the corporate governance is based on a 2016 review carried by the Group’s Corporate Governance, Nomination and Sustainability Committee and includes a recommendation to reduce the number of Vice Chairmen from the current three to one. Any changes would take effect after the 2017 Annual General Meeting to be held in 2018.
