Monte dei Paschi CEO fights for new mandate
Luigi Lovaglio, CEO of Italy’s Monte dei Paschi di Siena (MPS), is seeking a new mandate, challenging the bank’s board after being excluded from consideration for another term.
Lovaglio has been consulting investors to gauge support after the MPS board ruled him out at the last minute. PLT Holding, a key MPS investor, filed a slate of board nominees for April’s renewal, proposing that Lovaglio remain CEO, News.Az reports, citing Reuters.
The move comes amid tensions between Lovaglio and the bank’s directors, highlighting the ongoing struggles at Monte dei Paschi, Italy’s historic lender facing financial restructuring and strategic uncertainty.
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Investors will closely watch the April board vote, which could determine whether Lovaglio retains his role in steering one of Italy’s oldest banks through a period of change.
By Aysel Mammadzada
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