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
MPS Board Proposes CEO Change to Enhance Governance and Internal Coordination
Overview of the Proposed Leadership Transition at Monte dei Paschi di Siena
Background and Rationale for CEO Change
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.
Upcoming Shareholder Vote and CEO Nomination
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.
Board's Evaluation and Strategic Vision
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".
Governance and Continuity
"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.
Role of Chairman Nicola Maione
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)
