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Intesa Board Said to Discuss Resignation of CEO Cucchiani Today

Intesa Sanpaolo CEO Enrico Tommaso Cucchiani
Intesa Sanpaolo SpA Chief Executive Officer Enrico Tommaso Cucchiani’s departure comes after Intesa’s net income slumped 75 percent in the second quarter from a year ago to 116 million euros, amid rising bad loans. Photographer: Simon Dawson/Bloomberg

Intesa Sanpaolo SpA’s boards were scheduled today to discuss the possible resignation of Chief Executive Officer Enrico Tommaso Cucchiani after he clashed with shareholders, according to two people familiar with the matter.

The management and supervisory boards of Italy’s second-largest bank were scheduled to gather at 6:00 p.m. today in Milan to review Cucchiani’s role, said the people, who asked to not be named because the matter is not public.

At least one of the bank’s top three investors has been seeking to push out Cucchiani, people familiar with the matter have said. Cucchiani, 63, frequently doesn’t involve other executives before making key decisions and instead relies on external consultants, prompting criticism of his leadership of the company, according to three people.

Intesa’s General Manager Carlo Messina may replace Cucchiani, news wire Ansa reported earlier today.

Intesa’s three largest shareholders are banking foundations Compagnia di San Paolo, Fondazione Cariplo and Fondazione Cassa di Risparmio di Padova e Rovigo, which own a combined stake of 19 percent.

Cucchiani, a former member of Allianz SE’s management board, was appointed CEO in 2011, replacing Corrado Passera, who left the bank to become a minister in the Italian cabinet of former Prime Minister Mario Monti. He beat out Intesa’s two general managers, Gaetano Micciche and Marco Morelli, who had been described as the front-runners by Italian newspapers.

Cucchiani, who was also formerly a board member of UniCredit SpA, earned an economics degree from Milan’s Bocconi University and a MBA from Stanford University’s School of Business. Previous experience also included stints at McKinsey & Co., Gucci Group and Italian insurer Lloyd Adratico SpA.

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