The bank said in a statement that Jean-Pierre Mostier will step down as CEO of UniCredit next April.

Moster’s unexpected decision not to seek another mandate to lead the Italian bank came after a busy board meeting on Monday afternoon, several people involved said.

“Over the past few months, it has become clear that the team’s strategy is 23 [his business plan for the bank] “Its main pillars no longer align with the current thinking of the board of directors,” Moster said in the statement.

“Hence, I decided to retire from the group at the end of my term in April 2021, to allow the new board of directors to develop a future strategy.”

Several people participating in the discussions said that tensions have escalated within UniCredit’s board of directors after a last-minute informal meeting Sunday night during which governance issues were discussed.

Board members told Mr. Mostier that they wanted to look for other top job candidates, as said three people who participated in the discussions. People said former UBI Banca CEO Victor Macia, Nexi Bernardo Mingrone’s CFO, and Matteo Del Vanti, CEO of Poste Italiane, were among the top outside candidates.

People said that relations between Mr. Mostier and the board members have soured over the past few months. They said his plan to separate Italian assets and the list of foreign assets in Germany, as well as his refusal to buy Monte dei Paschi di Siena at the request of the Italian government, were the main causes for the fallout.

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Those close to Mr. Mustier previously insisted that he was always open to thinking about Obsession From Monte dei Paschi if the operation is “UniCredit cost-neutral”.

In February, Moster withdrew from running for a higher position at HSBC. Determined as the preferred external candidate by the Bank’s Board of Directors.