Banca dello Stato del Cantone Ticino has promoted CEO Bernardino Bulla to the position of president of the board of directors as Fulvio Pelli exits.
Pelli has announced his departure from the cantonal bank after a 13-year tenure. Stepping in to fill the position is current CEO Bulla, who has held his role since 2012. He joined the bank in 2000.
Bulla will assume his new role at the beginning of June 2017.
In turn, the position of CEO will be taken over by Fabrizio Cieslakiewicz, effective from the beginning of July 2017.
Cieslakiewicz has been a member of the executive board since 2008 and joined the bank in 2000.
In its annual results, BancaStato reported an inflow of client assets of CHF960 million over the course of 2016.
Overall, net revenues fell 2.5% during 2016 while the bank saw a net income increase of 7.6%.
The bank recorded a positive operating result, which grew by 8.6%.