Paschi’s Ousted CEO Lovaglio Triumphs in New Boardroom Drama

Banca Monte dei Paschi di Siena SpA investors backed another term for ousted Chief Executive Officer Luigi Lovaglio, marking a triumphant victory for the veteran leader after the board tried to get rid of him.

Almost 50% of shareholders attending the lender’s annual meeting in Siena voted for a list of board candidates put forward by Monte Paschi investor PLT Holding, which proposed reappointing Lovaglio. The list compiled by the bank’s outgoing board, which sought to install Fabrizio Palermo as new CEO, got just under 39%.