Published by Global Banking & Finance Review®
Posted on March 29, 2026
2 min readLast updated: March 29, 2026
Add as preferred source on GoogleMPS’s board has proposed replacing CEO Luigi Lovaglio with Acea CEO Fabrizio Palermo to enhance strategic vision and strengthen coordination with the board ahead of the April 15 shareholder vote on the new leadership.
MILAN, March 29 (Reuters) - Monte dei Paschi di Siena (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 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 ZaEditing by Giulio Piovaccari)
The MPS board proposes a CEO change to improve internal coordination with the board and bring new strategic vision to face imminent market challenges.
Fabrizio Palermo, the current CEO of utility company Acea, is being proposed to replace Luigi Lovaglio as CEO of MPS.
MPS shareholders will vote on the new board, including the CEO appointment, on April 15.
The board highlighted the need for a CEO with the necessary skills, strategic vision, and openness to effective interaction within the board.
Yes, the bank plans to reappoint Chairman Nicola Maione and some outgoing directors to ensure continuity while renewing leadership.
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