(Bloomberg) -- Cerved Group SpA’s Chief Executive Officer Andrea Mignanelli is stepping down from the Italian financial services firm, as part of a top management reshuffle following the acquisition by ION Group.

Mignanelli is leaving two years after ION completed its public tender offer on Cerved, as the ownership is focusing on a digital transformation and a revamp of the firm, people with the knowledge of the matter said. Mignanelli will remain at Cerved as adviser and will keep board of directors roles in some of the firm’s units, said the people, asking to not be named discussing private information. 

A spokesman for ION declined to comment. 

Mignanelli joined Cerved in 2011 after a merger with Jupiter, a company specialized in managing non-performing assets he founded in 2005. He became CEO of the Cerved Group in 2019. 

ION group, led by the Italian tycoon Andrea Pignataro, agreed to buy out Cerved for about €1.9 billion ($2 billion) in 2021. The deal was completed in 2022. The fintech firm is now awaiting approval from the Bank of Italy to acquire Cerved’s rival Prelios.

ION’s businesses include financial services firms like Dealogic, Fidessa Trading and Acuris, the owner of financial news platform Mergermarket. Bloomberg LP, the parent company of Bloomberg News, competes with ION in providing financial software and data.

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