Paschi Names Lovaglio CEO After Investors Back Him for New Term

Banca Monte dei Paschi di Siena SpA named Luigi Lovaglio as chief executive officer, marking his return to the helm of the world’s oldest bank after a dispute over strategy earlier this year.

The board of director appointed Lovaglio as CEO and general manager of the Italian bank, “granting him the relevant powers, in continuity with the governance framework of the previous board,” according to a statement Thursday. Cesare Bisoni was appointed as chairman.