Italy's MPS Removes CEO Lovaglio and Names Successor
Italy's MPS board revoked CEO Luigi Lovaglio's powers on Wednesday and suspended him as general manager. Fabrizio Palermo is the candidate to lead the bank.
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The board of directors of Banca Monte dei Paschi di Siena has moved to revoke the executive powers of Chief Executive Officer Luigi Lovaglio. The decision, announced on Wednesday in Italy, represents a major leadership transition for the nation's third-largest bank as it identifies a new candidate to lead the institution.
