MutualFundWire.com: Change at the Top Looms for Pioneer's Parent

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Tuesday, September 21, 2010

Change at the Top Looms for Pioneer's Parent

Pioneer Investments' [see profile] Italian parent may be about to see a change at the very top. UniCredit SpA CEO Alessandro Profumo is "expected to offer to resign during an extraordinary board meeting on Tuesday," the Wall Street Journal reported.

Alessandro Profumo
UniCredit
CEO

Relations between Profumo and UniCredit's board reportedly soured due to Libya's increasing influence over the bank. Libyan institutions have a combined stake of about 7.4 percent in Milan-headquartered UniCredit.

Meanwhile, Reuters reported that UniCredit's board plans to give chairman Dieter Rampl a timeframe of three weeks to pick a new CEO. The board is said to be eyeing external candidates to succeed Profumo.

If Profumo indeed were to depart, it's not clear what impact, if any, that would have on the fate of Pioneer Investments. On September 6, Profumo was quoted by Bloomberg as saying: "We are starting talks with interested parties." He did not name names.

Profumo added that "all options are still on the table," including a break-up.

Printed from: MFWire.com/story.asp?s=33491

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