The MPS board of directors has decided to remove the powers of CEO Luigi Lovaglio and suspend him from the role of general manager. We learned this at the end of the long board meeting. The decision was made at the end of a long board meeting, marked by strong internal tensions.
From now until April 15th, the management of ordinary activities will be entrusted to the deputy general manager Maurizio Bai, thus guaranteeing full continuity of the bank’s activities. The note from Rocca Salimbeni (the historic building in the center of Siena where the MPS headquarters is located) explains that the decision was taken “taking into account” the inclusion of Lovaglio, as a candidate, in the list that is running to elect the majority of directors presented by Plt Holding and Plt spa.
The takeover of Mediobanca and the prosecutor’s accusations
However, on the table of the board of directors there would also be the judicial dossier opened by the Milan prosecutor’s office, which concerns the alleged “concert” in the public exchange operation (Ops) on Mediobanca. In the draft financial report made available to shareholders, the bank reconstructs the state of the investigation, as reported by Il Sole 24 Ore.
According to what has been reported, the CEO is accused – provisionally – of the alleged participation in an agreement with other parties to coordinate the operation with the aim of acquiring control of Mediobanca.
The hypotheses of crime formulated by the magistrates concern market manipulation and obstacle to the exercise of the functions of the supervisory authorities. In addition to Lovaglio, the entrepreneur Francesco Gaetano Caltagirone and the president of Luxottica Francesco Milleri are also involved in the investigation. These are obviously hypotheses that still need to be demonstrated: the blame is provisional and will have to be verified during any proceedings.