UniCredit Chief Profumo Said to Be Planning Departure
This article is for subscribers only.
Alessandro Profumo, who built UniCredit SpA into Italy’s largest bank during 13 years as chief executive officer, may step down at a board meeting today after losing the support of some investors, said two people with knowledge of the matter.
The board will probably accept Profumo’s resignation and appoint Chairman Dieter Rampl to run the bank on an interim basis, said the people, who declined to be identified because the matter is private. Recent Libyan investments in Milan-based UniCredit have triggered opposition from some banking foundations that hold the company’s shares. The board meets at 6 p.m. Milan time.