UniCredit CEO Mustier to Step Down After Clashes With Board (2)

UniCredit SpA Chief Executive Officer Jean Pierre Mustier, architect of the bank’s turnaround, is stepping down after more than four years at the helm of Italy’s biggest bank, following clashes with board members over strategy.

Jean Pierre Mustier

Photographer: Jason Alden/Bloomberg

Mustier, 59, will remain in his post either until the end of his mandate in April or until a successor has been appointed, the bank said late Monday, adding that the board of directors will conduct an external and internal search for a replacement.

The French executive’s sudden departure follows an unexpected board meeting on Sunday to discuss governance and strategy, fanning speculation ...