Monte Paschi CEO Won’t Seek New Term After April Meeting
- CEO to leave as state exit from lender remains undecided
- Government working with bank on deal to shed bad loans
Marco Morelli
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Banca Monte Dei Paschi di Siena SpA Chief Executive Officer Marco Morelli will not seek a new term, leaving the bank without a leader just as it tries to find an exit from state control.
The world’s oldest lender has struggled with profitability and a legacy of bad loans since being bailed out by in 2017. Italy’s finance ministry, Paschi’s main shareholder, declined to comment on Morelli’s exit and possible successors.