Former Monte dei Paschi di Siena (MPS) CEO Luigi Lovaglio warns that leadership changes jeopardize the Mediobanca integration.
The MPS board stripped Lovaglio of his powers in late March.
Disagreements over the merger strategy with Mediobanca caused the leadership split.
The board nominated Fabrizio Palermo as the candidate for the next CEO.
Proxy advisor Glass Lewis recently endorsed Palermo for the role.
Leadership turmoil has increased market skepticism toward the bank's future strategy.