BlackRock Supports Luigi Lovaglio for Monte dei Paschi CEO

BLACKROCK INC, the world's largest asset manager, has decided to support a proposal by a dissident investor to reinstate Luigi Lovaglio as the chief executive of Monte dei Paschi di Siena (MPS). This decision comes ahead of a critical shareholder vote scheduled for Wednesday in Italy, where investors will select a new board and leadership for the bank. BlackRock, which is the third-largest investor in the institution, is backing Lovaglio against the candidate proposed by the bank's outgoing board, Fabrizio Palermo, who currently serves as the CEO of ACEA SPA.