Press release

Siena, 7 February 2022 – The Board of Directors of Banca Monte dei Paschi di Siena S.p.A., (hereinafter "BMPS" or the "Bank") held today under the chairmanship of Patrizia Grieco has, among other things, resolved:

• the revocation, with immediate effect, of Mr. Guido Bastianini, as Chief Executive Officer, General Manager and Director in charge of the internal control and risk management system of BMPS, as well as of all related powers, while the latter remains in office as a member of the Board of Directors of the Bank;
• replacement, pursuant to Article 2386 of the Italian Civil Code, of Mr. Luigi Lovaglio - following the resignation on 4 February 2022 of the Board member Mrs. Olga Cuccurullo - and his appointment as Chief Executive Officer and General Manager of the Bank.

It should be noted that the replacement of the Chief Executive Officer and General Manager is governed by a succession plan adopted by the Bank, with the involvement of the Nominations Committee and the Remuneration Committee of the Bank for the respective aspects.

The Board of Directors, upon proposal of the Nominations Committee and Remuneration Committee, unanimously came to the conclusion that Mr. Luigi Lovaglio, taking also into consideration his relevant experience at an international level, combined with a deep knowledge of the Italian banking sector, is the most suitable profile to hold the role of Chief Executive Officer and General Manager of the Bank.

The Board of Statutory Auditors approved the replacement pursuant to Article 2386 of the Italian Civil Code. As required by current regulations, the appointment of the new Chief Executive Officer and General Manager will be subject to evaluation by the European Central Bank. 

Mr. Lovaglio's Curriculum Vitae will be available on the Bank's website in the Corporate Governance section.