The board of Banca Monte dei Paschi di Siena has voted to remove CEO Luigi Lovaglio, who has led the lender since early 2022. The board’s nominations committee excluded Lovaglio from the list of candidates for the shareholder vote scheduled for April.
The decision follows reported boardroom clashes regarding the future of the recently acquired Mediobanca. Lovaglio’s position was further pressured by a criminal investigation into the Mediobanca takeover for alleged market manipulation.
The board has named three potential CEO candidates on its proposed slate to succeed Lovaglio.