Investors Vote Luigi Lovaglio Back as Monte dei Paschi CEO
Monte dei Paschi investors voted to reinstate Luigi Lovaglio as CEO after a boardroom clash. The decision follows the bank's recent acquisition of Mediobanca.
Shareholders of Monte dei Paschi di Siena (MPS) have officially reinstated Luigi Lovaglio as chief executive, resolving a high-stakes boardroom conflict that followed the bank's acquisition of Mediobanca. The decision marks a pivotal moment for the world's oldest bank as it continues its transition in Italy.
The leadership battle was sparked by a disagreement over the integration of the 16 billion euro Mediobanca acquisition. Lovaglio had proposed a rapid merger to streamline operations and capture savings, a plan that met resistance from prominent investor Francesco Gaetano Caltagirone. Caltagirone, who holds a 13.5% stake, had lobbied to keep Mediobanca as a separately listed entity.
