Monte dei Paschi revokes chief executive’s powers
Lender’s move against Luigi Lovaglio comes after he challenged a plan to replace him
Lender’s move against Luigi Lovaglio comes after he challenged a plan to replace him

Incumbent left off list of candidates for new board ahead of his current term ending next month

Luigi Lovaglio served with notice by Milan prosecutors in probe linked to Mediobanca takeover

Monte dei Paschi di Siena’s board stripped Luigi Lovaglio of his powers, setting up a fight for its leadership

Board’s proposed new leader Fabrizio Palermo may not meet regulator’s approval

Almost half of the investors that voted backed slate including Luigi Lovaglio in opposition to board

Lender backed by Italian state is close to securing majority support for its audacious takeover bid