MPS Board Shakeup: Lovaglio Out as New Leadership Takes Shape

March 4, 2026 – Monte dei Paschi di Siena (MPS) is poised for a significant leadership change, with current CEO Luigi Lovaglio not included on the list of 20 candidates proposed for the renewal of the bank’s board of directors. This decision signals a clear intent for discontinuity as the historic Italian bank navigates its future strategy.

Signal of Discontinuity

The nominations committee and subsequently the board of directors opted to signal a change in direction by excluding Lovaglio from the proposed slate of candidates. The approval of the list passed with a majority vote, 11 out of 13 councilors in favor, with Lovaglio and Giuseppe Barzaghi abstaining. Barbara Tadolini, representing Delfin (holding a 17.5% stake in MPS), was absent and indicated she would not support renewal if Lovaglio were reappointed, believing the underlying assumptions of the industrial plan had been altered.

Board List and Presidential Nomination

A list of 26 names was initially presented to the board, from which the 20 candidates were selected. Current President Nicola Maione has been renominated for the role. While no definitive choice has been made for CEO, the board has identified three potential candidates:

• Corrado Passera: Former top manager at Intesa Sanpaolo and Poste Italiane, and founder of illimity.
• Fabrizio Palermo: Current CEO of Acea and advisor to Generali, with prior experience as CEO of CDP and CFO of Fincantieri.
• Carlo Vivaldi: Former manager at Unicredit, holding various international positions, including Eastern European markets, and previously co-chief operating officer.

Nine of the current outgoing directors have been renominated, including Domenico Lombardi, Gianluca Brancadoro, Francesca Renzulli, Marcella Panucci, Alessandro Caltagirone, Renato Sala, and Elena De Simone.

Potential for Alternative Lists

There is speculation about a potential third list gaining traction, supported by entrepreneur Giorgio Girondi and potentially controlling around 5% of MPS capital. Some suggest this could create an opportunity for Lovaglio to re-enter the race, though there is currently no evidence of his involvement in alternative consortia.

Transition Period

Lovaglio will continue in his role as CEO until a successor is appointed. He recently finalized the new statute with the European Central Bank (ECB), ensuring a smooth transition.

Sources: Corriere.it, PressReader