UniCredit Investors Considering Pact to Have More Say in CEO Choice

A group of UniCredit investors, holding an aggregate 5% of one of Italy's largest banks are considering a pact which would lead to a bigger say in the choice of a new CEO.

UniCredit is in the process of selecting a new leader after Jean Pierre Mustier announced he would be stepping down from the CEO post last year due to strategy disagreements with the board. Sources familiar with the matter said the bank expects to choose Mustier's successor in February.

Things are getting interesting as Leonardo Del Vecchio - the billionaire founder of Luxottica and leading investor in Mediobanca, holding a 1.9% stake in UniCredit, had been in contact with banking foundations Fondazione CRT and Fondazione CariVerona to discuss an accord over their combined stake to back a CEO candidate of their choice at the April annual general meeting. 

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