MILAN May 13 The Chief Operating Officer of
Italy's biggest retail bank, Intesa Sanpaolo, handed in
his resignation on Tuesday as part of an executive job reduction
scheme within the group.
Francesco Micheli, who has held a series of positions at the
bank over the years, stepped down from all positions at the
bank, including his seat on the management board, Intesa
Sanpaolo said in a statement on Tuesday.
His resignation will be effective May 15.
"It is a typical mark of his discipline and professionalism
that he has decided to be the first executive to sign up to the
agreement that he himself had drawn up, which involves the exit
from the group of 170 executives, most of whom meet the
retirement requirements," Intesa CEO Carlo Messina said in the
Messina took over as CEO of Intesa Sanpaolo in September
last year when his predecessor was ousted after he clashed with
the bank's powerful supervisory board chairman.
(Reporting by Stephen Jewkes; editing by Keiron Henderson)