Reuters: UniCredit CEO Orcel Under Board Scrutiny Over M&A Strategy

A Reuters report indicates that UniCredit CEO Andrea Orcel is encountering heightened scrutiny from the board of directors regarding his mergers and acquisitions (M&A) strategy. The board is reportedly requesting more comprehensive and frequent briefings on Orcel's M&A initiatives, a demand that has generated internal friction. This tension arises partly from the bank's investments in competitor firms, such as Generali, without finalizing a significant transaction. Orcel, who received expanded M&A authority upon his arrival in 2021, has expressed concern that the board's documentation requests are placing undue strain on his time and departmental resources. Amidst this debate concerning his authority, the internal consideration of appointing a general manager has surfaced. UniCredit Chairman Pier Carlo Padoan has affirmed that the board and CEO engage in regular, substantive strategic discussions. He further clarified that the potential appointment of a general manager has not been formally addressed at the board level.