May 13, 2014 / 6:47 PM / in 4 years

Intesa Sanpaolo COO to step down, effective May 15

MILAN, May 13 (Reuters) - 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 statement.

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

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