UniCredit SpA named a new head at Bank Austria to oversee restructuring as the units chief executive officer Willibald Cernko leaves following losses at the domestic business.
Robert Zadrazil, 45, Bank Austrias head of private banking, will succeed Cernko, 59, from March 1, the Vienna-based lender said in a statement on Monday. The move is part of a change of generations at the bank, which also manages most of the Italian companys eastern European units, it said.
The resignation signals a break with past management, which obstructed the needed restructuring of Bank Austria, said Fabrizio Bernardi, an analyst at Fidentiis Equities, who has a hold recommendation on the stock. A reshuffle could speed up cost cutting at the unit.
UniCredit pla…
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