Pier Carlo Padoan, Italy’s former finance minister, has been named as the next chairman of UniCredit, the country’s largest financial institution by assets, the company said in a statement.

Mr Padoan, currently a member of parliament for the Democratic party, Italy’s junior coalition partner, has been appointed as a non-executive director to replace Elena Zambon, who resigned last month, and will serve as a board member until Unicredit’s annual general meeting later this year. 

The bank said Mr Padoan, 70, was “the best candidate for the position of chairman for the next term 2021-2023” and his candidacy had been vetted by rigorous internal processes. He will succeed Cesare Bisoni, who was named chairman after the sudden death of Fabrizio Saccomanni, another former finance minister, at the end of 2019.

Mr Padoan’s appointment comes at a crucial time for Italy’s fragmented banking sector as regulators and political institutions demand consolidation, which has been opposed by UniCredit chief executive Jean Pierre Mustier. 

Despite Intesa Sanpaolo’s takeover of UBI Banca, the country’s third-largest bank, Mr Mustier has rejected demands by the Italian government to buy Monte dei Paschi di Siena. The lender was bailed out with taxpayers’ money in 2017 by Mr Padoan’s ministry and is currently majority-owned by the state.

Bankers in Milan and government officials in Rome believe Mr Padoan’s appointment is a “conservative pick” and a clear signal that UniCredit will be forced to play a direct role in the consolidation of the Italian banking sector, despite Mr Mustier’s pushback.

“Padoan is a heavyweight in the country. His won’t be an honorary role. He’s going to have a strong say within the board,” said one person close to UniCredit.

According to two executives in Milan and one official in Rome, Mr Padoan’s appointment could pave the way for a

“I don’t know how we could have explained to the public that we didn’t go to the limit of what we can do. History will judge how well we did.” Jerome Powell, October 6, 2020

Decisions have been taken and, as it happens, the right decisions were taken, big enough, bold enough, well-targeted; now we need to focus on execution. The original CARES Act – its timeliness, design and size – is something we all should be proud of. It saved households and it saved businesses, and of course it saved markets. What people don’t recognize, in Congress and in the White House, is that execution is on-going, and unfortunately not optimized – there is still $1.8 trillion or more in original CARES Act authorizations that are available to assist the Main Street economy. The Fed – never designed to interact with Main Street – has raised the alarm, and now should focus on targeted action. The place for them to direct their attention first is infrastructure, including states and municipalities, companies and especially great projects.

For our purposes the injection of a significant portion of these funds into infrastructure projects and networks – say $500 billion over the next three years – would be enormously valuable, reviving the infrastructure market, setting us on a smart path to the future, and providing Main Street with a good, long, runway into that future.  

This investment in states and municipalities, and into the companies that design, build and maintain waterworks, highways, transit systems and airports, would be an instant jolt of electricity to our economy. It would also create long-term physical assets that would make our lives better. Public works are different from travel and hospitality – in infrastructure the bleeding

AUSTIN, Texas–(BUSINESS WIRE)–Continental General Insurance Company (together with its affiliates, “Continental”), which serves approximately 125,000 customers across the long-term care, life insurance, annuity and supplemental health insurance categories, today announced the appointment of Michael Gorzynski as Executive Chairman, effective immediately. Mr. Gorzynski is also a member of the board of directors and executive committee of HC2 Holdings, Inc. (“HC2”) (NYSE:HCHC), which is the parent company of Continental.

Mr. Gorzynski has two decades of experience operating across the capital markets, investment management sector and insurance industry as an analyst, investor and executive. Prior to forming MG Capital Management, which is his New York-based investment firm, Mr. Gorzynski invested in special situations globally at Third Point LLC, an asset management firm in New York. He began his career at Credit Suisse First Boston in the investment banking division and at Spectrum Equity Investors, a private equity firm in Boston.

Since his appointment as a director of HC2 earlier this year, Mr. Gorzynski has been working closely with Continental and its leadership to enhance policyholder relations, install a new and highly-qualified board of directors, increase communications with regulators and put in place a long-term strategy that takes into account all stakeholders’ needs. Mr. Gorzynski’s appointment as Executive Chairman is intended to strengthen his working relationship with Continental’s management team and support the accelerated implementation of organizational plans.

We are very excited about the strong insurance industry expertise and investment management experience that Mike brings to his new role,” said David Ramsey, Chief Executive Officer of Continental. “He has been involved with numerous insurance companies across several global geographies and various lines of business. I look forward to continuing to work with Mike to grow Continental into one of the most dynamic, successful insurers for the benefit of all our