SIENA, Italy (Reuters) - Shareholders at Italy’s Monte dei Paschi di Siena (BMPS.MI) approved on Tuesday the appointment of Massimo Tononi, former head of the Milan stock exchange, as chairman of the bank.
Tononi replaces Alessandro Profumo who left Italy’s No. 3 lender in August.
Monte dei Paschi, which emerged as the weakest lender in a European banking sector health-check last year, is carrying out a painful turnaround plan and looking for a buyer.
Reporting by Stefano Bernabei, editing by Stephen Jewkes