By Mauro Orru

UniCredit SpA said Tuesday that it appointed former Italian minister of economy and finances Pier Carlo Padoan as a nonexecutive director and chairman designate.

The Italian bank said the unanimous decision came as Elena Zambon is stepping down.

Mr. Padoan will serve as a board member until the annual general meeting to approve the 2020 financial statements, UniCredit said.

UniCredit said Mr. Padoan would be the best candidate for the role of chairman for the next term from 2021 to 2023.

Mr. Padoan will have an "active role" in outlining the list of potential candidates for the renewal of the board of directors, the bank added.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

October 13, 2020 13:10 ET (17:10 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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