Paschi Ushers in Exit of CEO Lovaglio After Mediobanca Deal

Banca Monte dei Paschi di Siena SpA laid the groundwork for the exit of Chief Executive Officer Luigi Lovaglio, just months after he pulled off a transformational deal.

The bank approved a list of candidates for the next board of directors that doesn’t include Lovaglio, failing to back him for a new term. His exclusion paves the way for his exit when his current mandate expires in April.