UniCredit chairman Pier Carlo Padoan to step down when his term ends for personal reasons

The announcement

UniCredit said on Wednesday, 28 October 2026, that Pier Carlo Padoan will leave the chairmanship of its board when his current term ends, citing personal reasons. The bank said the decision was agreed by both sides and that the handover will be managed to protect the interests of the bank and its stakeholders. Padoan, 76, is a former Italian economy minister who was co-opted onto the board as chairman-designate in October 2020 and formally took over the post in April 2021, the month Andrea Orcel started as chief executive. He was re-elected in April 2024 for a three-year term.

When the exit takes effect

Sources differ on when the term actually ends. Il Sole 24 ORE says the mandate concludes next spring, when the board is renewed, while il Giornale gives 2027 and Handelsblatt says the exit comes next year. Il Giornale adds that Padoan will not seek another term at the scheduled expiry. No successor has been named in any of the reports.

Succession and governance

Padoan will work closely with Jeffrey Edberg, who heads the bank's nomination committee, to identify a suitable successor and ensure an orderly handover. ANSA's English-language report spells the name Hedberg, while the Italian and German reports use Edberg. The bank's stated priority is to preserve continuity of governance and keep the board focused on its strategic priorities. The search therefore sits between the committee's work and the board renewal that will set the timetable for the new chairman.

Board and CEO reaction

The board thanked Padoan for his leadership and commitment and said he had laid solid foundations for the bank's continued success. Handelsblatt reports that the bank described his tenure as highly successful and credited him with steering UniCredit through a difficult macroeconomic and political environment. Orcel, the chief executive, said in remarks reported by ANSA:

“He has been a source of sound counsel and wisdom, and I have greatly valued our partnership.”

Orcel also said that the board, the Group Executive Committee and he himself remain focused on delivering the strategy through the transition.

“The Board, GEC and I remain fully focused on delivering our strategy, and we look forward to continuing that work through this transition and beyond.”

Commerzbank backdrop

Il Giornale links the announcement to a delicate stage in UniCredit's expansion. Talks with the German government and Commerzbank's management are advancing on integrating Commerzbank with HVB, UniCredit's German subsidiary. The paper also reports that the European Central Bank has allowed UniCredit to exceed 30% of Commerzbank with no maximum limit, bringing it closer to control. Handelsblatt notes that Padoan had publicly sided with Orcel during the Commerzbank takeover fight. Earlier, UniCredit tried and failed to take over Banco BPM, withdrawing its offer in July 2025 after a clash over golden power with the Italian government. Il Giornale credits the bank's record profitability partly, though not only, to favourable interest-rate trends during Padoan's tenure.