Fabrizio Palenzona has resigned from his role as vice chairman of the board of directors for UniCredit S.p.A.

Palenzona stepped down to facilitate upcoming corporate governance changes announced by UniCredit at its Capital Market Day event at the end of last year. The suggested changes in corporate governance stem from a review last year by the group's Corporate Governance, Nomination and Sustainability Committee.

One of its recommendations is to reduce the number of vice chairmen from three to one. The board had three vice chairpeople until Palenzona stepped down.