At an eight‑hour AGM, Monte dei Paschi di Siena shareholders voted to restore Luigi Lovaglio as chief executive, overturning the slate backed by outgoing director Francesco Gaetano Caltagirone. Just under half of the investors who cast ballots backed the minority‑investor PLT list, while roughly 40% supported the rival slate and 7% a third option.

Support from Delfin, the Del Vecchio family’s holding company that owns 17.5% of MPS, and Banco BPM’s 3.7% stake tipped the balance in Lovaglio’s favour. The decision dealt a severe blow to the outgoing board, which had nominated utility boss Fabrizio Palermo and saw Caltagirone’s son Alessandro lose his board seat. Proxy advisers ISS and Glass Lewis had recommended Palermo, citing his lack of banking experience.

Lovaglio’s comeback arrives as MPS wrestles with the integration of Mediobanca, acquired in a €17bn deal and slated for merger and delisting. Regulators will scrutinise the bank’s strategy, given the 2017 state bailout and the Treasury’s remaining 4.8% holding. With the board now aligned behind Lovaglio, the merger plan is set to move forward despite Caltagirone’s opposition.