By Giovanni Legorano

ROME--UniCredit SpA's (UNCFF) Fabrizio Palenzona stepped down from his position as vice chairman of the Italian bank's board, but remains a board member, the lender said Thursday.

The bank said Mr. Palenzona decided to move to pave the way for the corporate governance changes the bank unveiled in December, as part of its new strategic plan.

At the time, the lender said it planned to cut the number of vice chairmen to one, from three, and the total number of board members to 15, from 17.

All changes would take place after the 2017 annual shareholders meeting, which will be held next year.

Write to Giovanni Legorano at Giovanni.legorano@wsj.com

(END) Dow Jones Newswires

March 02, 2017 12:08 ET (17:08 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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