Dual-headed monster

30 September 2010 By Nicholas Paisner

Federico Ghizzoni, who has been appointed the bank’s next CEO, seems a decent internationallyminded manager not in hock to local politics. But the probable appointment of a general manager with lots of power could undermine the CEO and spawn further intrigue.

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Federico Ghizzoni was appointed chief executive of UniCredit after a board meeting on Sept. 30.

Ghizzoni has been head of central and eastern European banking operations since March 2009. He started his career in 1980 as a customer relations manager at UniCredit's Piacenza Branch.

The bank is also expected to appoint one or two general managers at next month's board meeting, according to a person familiar with the situation. No appointments have yet been announced, however.

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