MILAN, April 15 (Reuters) - Italian cooperative lender Banca Popolare dell‘Emilia Romagna said on Tuesday it had appointed insider Alessandro Vandelli as its new chief executive, replacing Luigi Odorici.
In a statement, Popolare Emilia said Odorici, who turns 67 in May, wanted to favour an immediate succession to the person who will be “responsible for developing and then implementing the new business plan”.
Vandelli, who has a degree in economics, started his career in Popolare Emilia in 1984, the lender said, adding that Odorici has been named Deputy Chairman of the bank.
Popolare Emilia is considering a possible capital increase and will take a decision in the coming weeks, Odorici was quoted as saying by Italian newspaper Il Messaggero on Sunday.
Press reports have said the capital increase could be worth 600-700 million euros. (Reporting by Danilo Masoni, editing by Silvia Aloisi)