(Alliance News) - Montepaschi is accelerating the selection process for its new board of directors. Outgoing board members, with the support of Korn Ferry, will have two weeks to draw up a long list of 20-25 names, while the short list is expected by the end of February, according to Milano Finanza on Friday.

The schedule has been set by the nominations committee chaired by Domenico Lombardi. According to the rules approved by the board, CEO Luigi Lovaglio will be allowed to participate in the voting but not in discussions with shareholders, in order to limit risks linked to the investigation by the Milan Prosecutor's Office.

The goal, the newspaper writes, is to finalize the list at the beginning of March for the ECB's fit and proper checks and to publish it by March 5. The issue of the CEO remains unresolved: part of the board is considering a change in leadership, but Lovaglio has already secured the backing of the MEF and Delfin, and time is tight.

By Claudia Cavaliere, Alliance News reporter

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