Monte dei Paschi CEO Lovaglio Faces Exclusion as Board Renewal Heats Up

Siena, Italy – March 4, 2026 – A boardroom clash is unfolding at Banca Monte dei Paschi di Siena (MPS), with current CEO Luigi Lovaglio expected to be excluded from the list of nominees for the bank’s new board of directors. The decision, reported by Reuters, signals a potential shift in leadership for the Tuscan bank.

Board List and Shareholder Meeting

The nominations committee, led by Domenico Lombardi and advised by Korn Ferry, is finalizing a “short list” of twenty candidates to be presented to the shareholders’ meeting on April 15, 2026, according to MarketScreener. Discussions are ongoing, with a consensus expected by Friday, March 6th, before the list is formally submitted to the Board of Directors. Banca Monte dei Paschi di Siena updated the orientations for the appointment of the Board of Directors on February 20, 2026.

Potential Successors and Key Considerations

Despite achieving solid results under Lovaglio and Chairman Nicola Maione, their reappointment is contingent on aligning with new shareholder balances and the anticipated integration with Mediobanca. Several high-profile candidates are being considered as potential CEOs, including:

• Fabrizio Palermo, CEO of Acea
• Corrado Passera, founder of illimity Bank (now part of Banca Ifis)
• Carlo Vivaldi, former manager at UniCredit

New Governance Rules Add Complexity

The introduction of the Capital Law, with its double voting mechanism for individual candidates, adds an element of uncertainty to the outcome of the shareholder vote. Negotiations among shareholders could lead to a final list approval as early as Wednesday, March 5th, or a last-minute decision on March 6th.

Current Board Composition (as of March 4, 2026)

The proposed list of candidates includes:

• Nicola Maione (President)
• Fabrizio Palermo (CEO candidate)
• Corrado Passera (CEO candidate)
• Carlo Vivaldi (CEO candidate)
• Paolo Boccardelli
• Gianluca Brancadoro
• Alessandro Caltagirone
• Antonella Centra
• Rosa Cipriotti
• Elena De Simone
• Simonetta Iarlori
• Domenico Lombardi
• Paola Lucantoni
• Fabiana Massa
• Gianmarco Montanari
• Francesca Pace
• Marcella Panucci
• Francesca Paramico Renzulli
• Renato Sala
• Paolo Testi

The April 15th shareholder meeting will determine the final composition of the new board.