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UniCredit says Chairman Padoan to step down at end of term - Finance news and analysis from Global Banking & Finance Review
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UniCredit says Chairman Padoan to step down at end of term

Published by Global Banking & Finance Review

Posted on October 28, 2026

2 min read

· Last updated: October 28, 2026

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UniCredit Chairman Pier Carlo Padoan Announces Resignation by End of Current Term

Pier Carlo Padoan's Tenure and Resignation Details

MILAN, October 28 (Reuters) - Italy's second-biggest UniCredit said on Wednesday that Chairman Pier Carlo Padoan, 76, will step down from the role at the end of his term due to personal reasons.

Board Term and Succession Timeline

Padoan and the rest of the UniCredit board, including CEO Andrea Orcel, end their mandate in early 2027 with shareholders due to name a new board when they meet to approve 2026 results.

Padoan's Appointment and Reappointment

Padoan, a former economy minister, joined UniCredit in April 2021 when Orcel first arrived.

Padoan secured a three-year reappointment in 2024 though UniCredit had looked into a potential replacement to improve strained relations with Italy's centre-right government.

Political Background and Previous Roles

Padoan had served as minister under successive centre-left administrations.

UniCredit's Strategic Challenges

After gaining control of Commerzbank with almost 50% of its shares through a hostile bid, UniCredit now faces the challenge of achieving targeted savings at the German rival and advancing towards a full integration which requires it to buy Berlin's residual stake.

Succession Planning and Governance

• Padoan will work closely with the bank's nomination committee to identify a suitable successor, UniCredit said

• Padoan "has been a source of sound counsel and wisdom, and I have greatly valued our partnership," Orcel said in a statement

• Padoan served as Italy's economy and finance minister from 2014 to 2018

• UniCredit's governance rules give the outgoing board powers to present a list of candidates for its replacement

• However, changes to the law governing how outgoing boards name their successors have discouraged peers such as insurer Generali from presenting board slates, as the new rules can lead to unpredictable and potentially chaotic outcomes.

Reporting Credits

(Reporting by Enrico Sciacovelli; Editing by Valentina Za)

Key Takeaways

  • Pier Carlo Padoan, UniCredit Chairman since April 2021 and formerly Italy’s Economy and Finance Minister (2014–2018), will not seek extension beyond early 2027 due to personal reasons (unicreditgroup.eu).
  • The nomination committee, chaired by Jeffrey Hedberg, will oversee a smooth leadership transition to ensure governance continuity (unicreditgroup.eu).
  • Meanwhile, UniCredit is advancing its hostile takeover of Germany’s Commerzbank—having obtained ECB approval to control approximately 50%—and faces integration challenges as it works to deliver savings and full consolidation (live.euronext.com).

References

Frequently Asked Questions

Why is UniCredit Chairman Pier Carlo Padoan stepping down?
Pier Carlo Padoan is stepping down from the role of UniCredit Chairman at the end of his term due to personal reasons.
When will Pier Carlo Padoan leave his position as UniCredit Chairman?
Padoan will step down at the end of the board's mandate in early 2027, after the shareholder meeting for the 2026 results.
Who will select the new UniCredit Chairman?
Padoan will work with UniCredit's nomination committee to identify a suitable successor, and the new board will be appointed by shareholders.
What challenge does UniCredit face after acquiring Commerzbank shares?
UniCredit faces the challenge of achieving targeted savings and fully integrating Commerzbank, which requires buying Berlin's residual stake.
What is the background of Pier Carlo Padoan prior to UniCredit?
Pier Carlo Padoan served as Italy's economy and finance minister from 2014 to 2018.

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