Italy's MPS board says proposed CEO change aims to boost internal cooperation

Acea SpA

29/03/2026 14:41

MILAN, March 29 (Reuters) - Monte dei Paschi di Siena BMPS.MI (MPS) said on Sunday the decision by the bank's directors, following a thorough slate-drafting process, to propose a change of CEO aimed to improve the internal coordination with the board.

As MPS shareholders prepare to vote on April 15 to pick a new board, including the chief executive, MPS directors have proposed replacing Luigi Lovaglio, at the helm since 2022, with utility Acea ACE.MI CEO Fabrizio Palermo.

MPS said in a letter to shareholders that a careful and complex self-evaluation process by the board had highlighted the need for a new CEO with the "skills and strategic vision" needed to face "imminent market challenges", as well as "more open to effective and inclusive interaction within the board".

"The list proposed by the board aims to balance the need for both continuity and renewal, aiming to bring an overall improvement in the quality of the bank's governance," the letter said.

MPS Chairman Nicola Maione, whom the bank is proposing to reappoint alongside some of the outgoing directors, will ensure continuity, the bank added.

 (Reporting by Valentina Za
Editing by Giulio Piovaccari)

 ((valentina.za@thomsonreuters.com; +39 02 6612 9526))