The former CEO of Monte Paschi Luigi Lovaglio regains his position, being re-proposed as head of the Sienese bank by the Shareholders’ Meeting, held yesterday in Siena, just a week after the termination of the employment relationship and the withdrawal of the delegations decided by the Board. His return as CEO was favored by the unexpected vote of Delfin, who with his 17.5% of the capital voted in favor of the PLT Holding List of the Tortora family, for the first time taking an opposite path to the historic partner Francesco Gaetano Caltagirone, who with a 12.5% share supported the list of the outgoing Board of Directors.
The assembly votes by majority on the Tortora family’s list
The shareholders’ meeting of Banca Monte dei Paschi di Siena voted in favor of the appointment of Luigi Lovaglio as CEO of the bank, as proposed by the PLT Holding list of the Tortora family, which was the most voted with 49.95% of the preferences.
64.92% of the share capital participated in the vote. The List of the outgoing Board of Directors received 38.79% of voters. The list of institutional investors under the aegis of Assogestioni 6.94%.
The new Board will include Cesare Bisoni (List 3), Nicola Maione (List 1), Luigi Lovaglio (List 3), Fabrizio Palermo (List 1), Claudia Mazzarella (List 3), Corrado Passera (List 1), Livia Amidani Aliberti (List 3), Massimo di Carlo (List 3), Carlo Vivaldi (List 1), Patrizia Albano (List 3), Paolo Boccardelli (List 1), Carlo Corradini (List 3), Paola Leoni (List 3), Antonella Centra (List 1), Paola De Martini (List 2).
Lovaglio determined to carry forward the single bank project
“I feel a great sense of gratitude towards the Tortora family for this initiative and equally towards all our shareholders who have once again confirmed their trust in me”, said Luigi Lovaglio after the vote, adding “I feel a sense of responsibility towards employees, customers, the bank and shareholders, this was the great motivation and I was lucky enough to find a courageous entrepreneur, who made a choice that was not easy and immediate”.
Lovaglio then stated that he had “the great desire to implement an innovative project that creates value for everyone. Being able to do so was the most important thing, also to keep promises because 86% of MPS shareholders and Mediobanca itself trusted us with a clear project that I felt the duty to complete”.
MPS jumps onto the stock market already on rumors
When the vote of the meeting had not yet been formalized by President Nicola Maione, Banca MPS shares made a leap on the stock market, due to an uncontrolled leak of the news from the meeting. In fact, the results were read by the outgoing president after more than half an hour of suspension of the meeting to verify the votes. During this time, the stock flew to a high of 8.68 euros, and then closed at 8.607 euros per share, maintaining a strong increase of 4.67%. A testimony that the market welcomed Lovaglio’s reconfirmation with a certain satisfaction, thanks to the successes of recent years, including the Bank’s return to profit and the difficult conquest of Piazzetta Cuccia.
