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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 8, 2026

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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.

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)

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)

References

Frequently Asked Questions

Why 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.

Who is Luigi Lovaglio?

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

When did MPS strip Lovaglio of his executive powers?

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

What 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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Italy's MPS terminates Lovaglio's contract as general manager

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