Mediobanca CEO Nagel Resigns After 17 Years in MPS Takeover Shock
Mediobanca, once the 'powerhouse of Italian finance', has seen a significant transformation with the resignation of its CEO Alberto Nagel after 17 years. The change comes following a takeover by Monte dei Paschi di Siena (MPS), the world's oldest lender, which was completed with 86% of shares committed.
The takeover, worth €16 billion in cash and stock, was a shock to markets. MPS, previously known for financial instability and a €6 billion bailout in 2011, managed to secure the deal with the support of major shareholders Delfin and Francesco Gaetano Caltagirone. Nagel, who led Mediobanca through the 2008-09 global financial crisis without public attention, highlighted the company's emergence as 'a true public company' and its record of distributing €8.5 billion to stakeholders in his farewell letter.
The independence of Mediobanca was initially expected to be maintained, but MPS' strategic plan and shareholder support led to the takeover. Following Nagel's resignation, a search for a new CEO began, with Alessandro Melzi d’Eril set to take over in October 2025, subject to shareholder approval on October 28th.
The takeover of Mediobanca by MPS marks a significant change in the Italian finance landscape. Nagel's departure after 17 years signals a new era for the historic lender, with Melzi d’Eril poised to take the helm.
