Unicredit's Board of Directors experiences a departure, with Chromik announcing his exit from the position.
After a brief stint, Marcus Chromik, a physicist by training, bids farewell to Unicredit's board of directors. The Italian banking giant made the announcement on a brisk Wednesday, with Chromik citing new professional challenges as the reason for his unexpected departure. Previously, he had avoided responding to a request from the Börsen-Zeitung.
The Kiel native's move to Unicredit, a bank with connections to his former employer, raised eyebrows in the financial world. Some former colleagues were uncomfortable with the idea of him being involved in Milan's cross-border expansion plans under Unicredit CEO Andrea Orcel. With nearly 15 years of service, Chromik was known as a "through-and-through" "yellow."
Chromik's departure seemed to reflect the loyal nature of many Commerzbankers, opting for a lengthy notice period rather than a hasty exit. As early as June 2022, the then risk board member had announced that he would not renew his contract, which expired in 2023. This was a welcome change of pace in the rapidly spinning carousel of board and supervisory board personnel at the time. One couldn't blame the now 52-year-old for seeking a professional reorientation after eight years on Commerzbank's board.
Un recalled Competition Clause
Despite the loyalty shown, the seemingly effortless transition to a direct competitor was surprising. It appeared that the competition clause was overlooked in Chromik's contract. Although details about his future career plans remain unknown, Chromik is likely to remain in the financial world.
In a recent announcement, the fintech company Unzer disclosed that Chromik would join their board, led by former Commerzbank CEO Martin Blessing. In this role, Chromik will aid in improving the governance and compliance of the company, which had briefly come under scrutiny from BaFin due to deficiencies in these areas. Meanwhile, Unicredit is on the hunt for a successor.
Digging Deeper
In banking, senior executives like Chromik are often subject to competition clauses. These agreements typically restrict executives from joining competitors for a defined period following departure, soliciting clients or employees, or disclosing sensitive bank information. While the specifics of Chromik's competition clause at Commerzbank and Unicredit remain unrevealed, it can be inferred that these clauses aim to protect strategic interests, bank assets, and client relationships during transitions.
Chromik's move to Unicredit aligns with the bank's ambitions for growth and competitive edge enhancement. Any breach of a competition clause could potentially lead to financial or legal penalties. Understanding the competition clause implications is crucial for maintaining competitive integrity between Commerzbank and Unicredit, two significant players in the European banking landscape.
- Marcus Chromik, despite the competition clause in his contract, has decided to join Unzer's board, a move that could potentially have implications for the competition between Commerzbank and Unicredit, two significant players in the European banking industry and business.
- After leaving Commerzbank, a financially-focused enterprise, Chromik is now likely to continue his career within the finance industry, as he has been selected to aid in improving the governance and compliance of fintech company, Unzer.
