UniCredit Wants Commerzbank CEO And Chairman To Leave Their Roles

UniCredit Chief Executive Officer (CEO) Andrea Orcel wants Commerzbank CEO Bettina Orlopp and Chairman Jens Weidmann to leave their positions as the Italian lender moves closer to taking over its German rival, according to sources familiar with the matter cited by Reuters.

Orcel is also opposed to the German government’s demand to retain two seats on Commerzbank’s supervisory Board. Three people familiar with the matter said Orcel wants Orlopp to step down, while two sources confirmed UniCredit’s position regarding Weidmann.

UniCredit did not immediately respond to Reuters’ request for comment, while Commerzbank declined to comment. Germany’s finance ministry also declined to provide further comments after stating that it wants to retain two supervisory Board seats.