MPS, the stock market seems surprised by Lovaglio's ouster but everyone knows that Caltagirone prefers servile managers

For days the Bag he's beating the Monte dei PaschSiena in sight and after the CEO's ouster Luigi Lovaglio. Yesterday the stock lost 4,19% and in the last 5 days it has lost 18,04%. But how is it possible that they throw out a CEO who has rehabilitated the ancient Sienese bank and who, with the decisive endorsement of the Government, has successfully led the takeover bid on Mediobanca storming what was once the high life of Italian capitalism? The dynamics surrounding the investigation by the Milan prosecutor's office certainly matter, as they believe Caltagirone and Delfin had been in concert since 2019, and that Lovaglio provided "fundamental support" to strengthen the alliance between Monte dei Paschi's two main shareholders and boost the Siena-based bank's success. But this isn't the key point behind Lovaglio's dismissal. Do you remember what emerged from the prosecutor's wiretaps? After the takeover of Mediobanca, Caltagirone He calls Lovaglio to congratulate him: "Lovaglio, are you the great commander? How are you?" And the CEO of Monte dei Paschi winks: "You were the real engineer, I just carried out the assignment." But if someone puts himself at Caltagirone's service, how can he be surprised that the powerful Roman tycoon has always preferred servile managers over simply competent ones? Today Lovaglio, understandably fuming, proudly defends himself and says: "I didn't obey." And indeed, after the takeover of Mediobanca, Lovaglio tried to do a bit of his own thing, both with the appointments at Piazzetta Cuccia and with the plan to merge Mediobanca into MPS, which Caltagirone didn't like. But his fate was sealed from the start, and perhaps it worsened when he pretended to consider that Mediobanca's stake in Generali It was just a "thing to have" and not the true object of Caltagirone's senile desire and obsession. Serving doesn't always pay.