Three Board Slates Battle for MPS Control Ahead of April 15 Vote

PLT Holding, the investment vehicle controlled by the Tortora family, has added a new dimension to the governance battle at Banca Monte dei Paschi di Siena (MPS) by filing a 12-member board slate that seeks to keep current CEO Luigi Lovaglio at the helm while installing Cesare Bisoni, former UniCredit chairman, as board president. The move, filed in late March 2026, sets up a three-way contest ahead of the 15 April shareholder assembly and signals that continuity—not upheaval—remains a viable path for Italy's oldest bank.

Why This Matters:

• Board control is up for grabs: Three competing slates are now in play, each representing a different vision for MPS's future direction and management.

• Lovaglio's future role remains uncertain: The outgoing board excluded the sitting CEO from its own 20-name list, but PLT is betting on his continued leadership to deliver on a €16B capital return plan through 2030.

• Bisoni brings UniCredit pedigree: His appointment would install an academic with deep regulatory and commercial banking experience at the top of Italy's third-largest banking group by assets.

• Shareholders vote in three weeks: The 15 April assembly will determine MPS's strategic direction for the coming years.

The Tortora Family's Gambit

PLT Holding, which holds just over 1.2% of MPS's ordinary shares, submitted a majority-seeking slate featuring a dozen candidates. The roster places Luigi Lovaglio—who has steered MPS since February 2022—in the chief executive slot and nominates Cesare Bisoni, a former chairman of UniCredit and emeritus professor at the University of Modena and Reggio Emilia, for the presidency.

This nomination arrives weeks after the outgoing MPS board approved its own 20-candidate list on 7 March, deliberately omitting Lovaglio and instead proposing three alternative CEO profiles: Fabrizio Palermo, Corrado Passera, and Carlo Vivaldi. That exclusion followed months of debate over MPS's strategic direction and the bank's 2025 acquisition of Mediobanca, the Milan-based merchant bank.

The Tortora family's support signals backing for Lovaglio's expansion strategy and his track record—over 40 years in banking, including leadership roles at UniCredit, Bulbank in Bulgaria, and Bank Pekao in Poland. By fielding a competing board slate, PLT is emphasizing continuity and demonstrating confidence in the CEO's approach to steering Italy's third-largest lender.

Three Lists, Three Visions

Shareholders will choose from three distinct slates when they convene on 15 April 2026:

Outgoing Board List (20 candidates): Proposes Nicola Maione as chairman and offers three CEO contenders—Palermo, Passera, and Vivaldi—each with distinct profiles. The roster includes business academics, former regulators, and board veterans such as Alessandro Caltagirone and Antonella Centra.

Minority Institutional List (3 candidates): Filed by a consortium of asset managers and institutional investors controlling over 0.7% of ordinary shares, this slate nominates three independent directors: Raffaele Oriani, Paola De Martini, and Ilaria Romagnoli. The same group also submitted a separate supervisory board slate featuring Pier Luigi Pace, Giulia Emilia Caja, and Myriam Amato.

PLT Holding List (12 candidates): Aims for board control by fielding a majority slate anchored by Lovaglio and Bisoni, emphasizing strategic continuity and execution of the existing industrial plan.

The European Central Bank granted preliminary approval in February 2026 for MPS's revised bylaws, which allow the sitting board to submit its own candidate list.

Bisoni's Profile and Strategic Fit

Cesare Bisoni brings a rare combination of academic rigor and boardroom experience. He chaired UniCredit from 2019 until April 2021, a period marked by balance-sheet strengthening, digital transformation, and heightened focus on small and medium-sized enterprise (SME) lending. Before that, he served as vice chairman and taught economics of financial intermediaries at the University of Modena and Reggio Emilia for nearly four decades, eventually becoming an emeritus professor.

His nomination as MPS chairman would install a figure familiar with pan-European banking regulation, stakeholder engagement, and the operational complexities of large commercial lenders. PLT Holding's stated rationale is to "complete the existing industrial plan, accelerate the transformative operation underway, and seize external growth opportunities"—language that mirrors Lovaglio's own public messaging.

What This Means for Residents and Investors

For retail customers and corporate clients of MPS, governance clarity matters. A Lovaglio-Bisoni pairing would likely prioritize digital branch services, investment in wealth management capabilities, and sustained commitment to existing strategic initiatives. Conversely, the official board slate could introduce fresh priorities, potentially including revised investment strategies or new competitive directions.

Investors face a choice between continuity and strategic renewal. Lovaglio has delivered improved profitability metrics and expanded MPS's market reach, but his strategic moves remain subject to shareholder debate. The minority institutional slate emphasizes governance independence and appeals to investors prioritizing board diversity and accountability.

Employees and union representatives have expressed concern over succession planning transparency. With over 20,000 positions across MPS's operations following recent restructurings, workforce advocates are pressing for clarity on branch network evolution, automation timelines, and staff retraining commitments under any future leadership.

The Road to 15 April

Proxy advisers and large institutional shareholders will scrutinize each slate's composition, assessing director independence, sectoral expertise, and alignment with value creation. The European Central Bank's supervisory division has emphasized the need for "autonomy of judgment and relevant banking experience" in any future CEO—a standard all three slates must satisfy.

Whether shareholders opt for the continuity of Lovaglio, the fresh perspectives offered by the official board nominees, or the independent oversight championed by institutional investors will shape MPS's competitive position within Italy's banking sector for years ahead.

The assembly on 15 April will settle more than a board election—it will determine the strategic course for Italy's oldest lender.