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Andrea Orcel stamped his mark on UniCredit within weeks of taking the reins, axing management committees and a dual head structure that had irked some top investors while hiring key lieutenants to oversee strategy and relations at the Italian bank.
Orcel, a veteran UBS (UBSG.S) and Merrill Lynch dealmaker who almost landed the top job at Spanish bank Santander (SAN.MC), was hired by UniCredit (CRDI.MI) after its board fell out with his predecessor, Jean Pierre Mustier, over strategy. I have heard your concerns about the complexity of our business . I have felt your frustration about some of the decisions that have been made; confusion about where ultimate responsibility lies; and the resulting lack of accountability, Orcel said in a message to UniCredit staff on Wednesday.
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