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    1. Home
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    3. >Italy's MPS terminates Lovaglio's contract as general manager
    Finance

    Italy's Mps Terminates Lovaglio's Contract as General Manager

    Published by Global Banking & Finance Review®

    Posted on April 7, 2026

    1 min read

    Last updated: April 7, 2026

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    Quick Summary

    Monte dei Paschi di Siena (MPS) has terminated CEO Luigi Lovaglio’s contract as general manager after revoking his executive powers in March. This move follows his candidacy for a new term against the board’s wishes, escalating longstanding leadership tensions.

    Monte dei Paschi di Siena Ends CEO Luigi Lovaglio's General Manager Role

    Termination of Luigi Lovaglio's Contract and Executive Powers

    Background of the Decision

    April 7 (Reuters) - Italy's Monte dei Paschi di Siena (MPS) said on Tuesday that it had terminated CEO Luigi Lovaglio's contract as general manager, weeks after stripping him of his executive powers.

    Revocation of CEO Powers

    The lender revoked Lovaglio's CEO powers in March and suspended him from his duties as general manager after he bid for a new term at the helm, challenging a decision by the board to rule him out.

    Reporting and Editorial Credits

    (Reporting by Gursimran Kaur in Bengaluru; Editing by Anil D'Silva)

    References

    • Press Release
    • Paschi (BMPS) Ushers in Exit of CEO Lovaglio After Mediobanca Deal - Bloomberg
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    Table of Contents

    • Termination of Luigi Lovaglio's Contract and Executive Powers
    • Background of the Decision
    • Revocation of CEO Powers
    • Reporting and Editorial Credits

    Key Takeaways

    • •Lovaglio was stripped of CEO powers and suspended as general manager in March after attempting to run for a new term against the board’s decision (gruppomps.it).
    • •The board appointed acting Deputy General Manager Maurizio Bai to manage the bank’s ordinary operations until the next shareholders’ meeting (gruppomps.it).
    • •Lovaglio’s attempted candidacy challenges board-preferred governance norms and reflects deeper instability following MPS’s high-stakes Mediobanca takeover and regulatory scrutiny (bloomberg.com)

    Frequently Asked Questions about Italy's MPS terminates Lovaglio's contract as general manager

    1Why did MPS terminate Luigi Lovaglio's contract as general manager?

    MPS terminated Luigi Lovaglio's contract after revoking his CEO powers and suspending him for bidding for a new term in defiance of the board's decision.

    2Who is Luigi Lovaglio?

    Luigi Lovaglio was the CEO and general manager of Monte dei Paschi di Siena (MPS).

    3When did MPS strip Lovaglio of his executive powers?

    MPS stripped Lovaglio of his CEO powers and suspended him as general manager in March.

    4What led to Luigi Lovaglio's suspension from his duties?

    Lovaglio was suspended after he challenged the board's decision by seeking a new term at the helm of MPS.

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