UniCredit Group today announces a new organisational structure and a new management team to drive the business effectively and deliver its new strategic plan during H2 2021.
This new structure creates a simplified organisation that will enable greater accountability across all businesses and areas. It ensures our clients remain at the heart of everything that we do, further integrates technology and digitalisation as a key driver of our future success and provides clarity on key roles and responsibilities.
In summary, with today's announcement UniCredit:
- Creates a new Group Executive Committee ('GEC') of fifteen people to replace the former Executive Management Committee of twenty-seven, increasing ownership and accountability.
- Removes a layer of management, minimising co-Heads of businesses and functions and creates a more cohesive partnership
- Empowers country CEOs to better manage their geographies in delivering best practice and synergies across all business lines. Italy, Germany, Central Europe and Eastern Europe will now form the key geographic reporting lines for the Group.
- Positions Italy as a standalone geography, reflecting the critical importance of this country to our Group, honouring the roots, essence and spirit that underscore the origins of UniCredit.
- Puts in place a transversal matrix, positioning Corporate and Investment Banking across all geographies to offer our clients a seamless suite of products and services that serve different local demands.
- Creates a new Digital division that will elevate technology, digitalisation and data to the new GEC, ensuring it will be embedded in every strategic deliverable underscoring the critical importance of this area to the future of the business.
- Launches a widespread simplification exercise across the organisation, starting with the SpA, reducing existing committees from 44 to a maximum of 15-20.
- Creates a new People & Culture division to expand the remit of the former Human Capital function, reflecting the importance of our people as carriers of our new culture and ensuring that the Group can attract, hire and retain best-in-class talent for the long-term benefit of UniCredit and its clients.
- Creates a CEO office to include Strategy & Optimisation, and the newly created function of Stakeholder Engagement. Both functions will be part of the GEC.
Andrea Orcel, CEO of UniCredit, commented:
"When I began as CEO of UniCredit, I promised that one of my first priorities would be to reduce complexity and simplify UniCredit's structure. Today, you can see the first steps in delivering on that promise: streamlining our business, clarifying key roles, and improving accountability so that we can better deliver for all our stakeholders.
I also said that we would increase the pace of digitalisation so that technology and data is firmly embedded in every decision we take, and we are today announcing a new Digital division to further integrate it as a core part of our DNA.
As a business it is important that we recognise our origins and the cultural roots that have shaped us, which is why we are positioning Italy as a standalone geography, alongside Germany, Central Europe and Eastern Europe.
I am keenly aware that our people will be the driving force of UniCredit's success, and today we are also announcing an expanded People & Culture function that will ensure that we attract, hire, and retain the best people to transform the Bank.
This is the first step in an ambitious programme to unlock UniCredit's full potential. It will allow us to transition from a period of retrenchment to one designed to achieve sustainable and profitable growth
Group Executive Committee ("GEC")
· Group Chief Executive Officer - Andrea Orcel
· Head of Italy - Niccolo Ubertalli
· Head of Germany - Michael Diederich
· Head of Central Europe - Gianfranco Bisagni
· Head of Eastern Europe - Teodora Petkova
· Head of Corporate & Investment Banking - Richard Burton
· Chief Financial Officer - Stefano Porro
· Group People & Culture Officer - Annie Coleman
· Group Digital & Information Officer - Jingle Pang (ad interim Daniele Tonella)
· Group Operating Officer - Ranieri de Marchis
· Head of Group Strategy & Optimisation - Fiona Melrose
· Head of Group Stakeholder Engagement - Joanna Carss
· Group Risk Officer - TJ Lim
· Group Compliance - Serenella De Candia
· Group Legal Officer - Gianpaolo Alessandro
Today's internal announcement can be found here:
Milan, 12 May 2021