(Alliance News) - Milano Finanza on Wednesday described it as the paradox of all paradoxes: Luigi Lovaglio could be left out of the board of directors at Banca Monte dei Paschi di Siena.
Last night, the newspaper explained, rumors were circulating about the CEO not being confirmed for a second term. The decision is expected from the board, following a proposal from the nominations committee with a list of 20 candidates. According to some sources, the prevailing view is against including Lovaglio. Alternatives being considered include Fabrizio Palermo and Carlo Vivaldi, while Chairman Nicola Maione is likely to be reconfirmed.
Major shareholders like Delfin – holding 18% – and the market, however, are pushing for continuity after the turnaround that averted bankruptcy.
Meanwhile, Banco BPM has put forward its own list: Giuseppe Castagna and Massimo Tononi are confirmed, along with several new entries. Representatives of Crédit Agricole are also out, as the group will present its own list and could secure up to six seats. The decisive moment will come with the second vote required by the Capital Law.
By Michele Cirulli, Alliance News reporter
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