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Mediobanca, Del Vecchio wants to change the top? The city has 4 bankers

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In the small finances of the city of Milan, we almost talk only of the "power game" that could open up now that equity has changed. And there are many assumptions about who could, in the Del Vecchio era, manage Mediobanca

from Alessandro Graziani

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If Leonardo Del Vecchio won his battle for Mediobanca's shareholding reorganization, he would propose a new CEO and a new president rather than Alberto Nagel and Renato Pagliaro? Yes, consultants close to the entrepreneur who created the Luxottica Group have been saying for weeks. With Nagel and Pagliaro, Del Vecchio had for almost thirty years a relationship of total trust inherited from the times of Cuccia and Maranghi. But the breakdown of reports about the well-known history of Ieo-Monzino's hospital reorganization appears to have erased the esteem that the 84-year-old businessman held against Cuccia's two legacy managers, even after the "founder" disappeared in 2000.

In recent weeks, since Del Vecchio has surprisingly entered the capital of Mediobanca, it appears that "unauthorized" diplomats have tried to understand if the fracture was modular. But Del Vecchio and his trusted collaborator Francesco Milleri, weaver of the plot of Agordo's recent financial investments, would not have agreed to open channels of dialogue. It must be said that, based on communications or staff at the moment, Del Vecchio never openly raised the issue of governance change, perhaps not to compromise any change in tactics, but merely to request corrections in the institution's strategy.

We'll see in the coming months if Del Vecchio will really put the theme of a held on top from Mediobanca, which presented the new three-year business plan on Tuesday, November 12. The mandate of Nagel and Pagliaro expires along with that of the entire board of directors with the approval of the 2019-2020 budget at the October 2020 meeting. In September, the lists for the new board will be presented and the actual game will be played, actions in hand next summer. There is still a long time to go and many nodes will have to be dissolved, starting with the ECB Supervisory authorization for Del Vecchio to rise above 10% and theoretically project up to 20%.

If it is a real battle of strategies and spare parts of the summit, the consensus of about 50% of the capital held by institutional investors will be decisive. To gain market confidence, which has so far rewarded Nagel's management, Del Vecchio will have to come up with a growth strategy for the bank that is in the interest of all shareholders and a senior management (president and CEO) who can win the business. investors trust and possibly accept a challenge to the last vote at the meeting against the two heirs of Cuccia and Maranghi.

Times are perhaps premature, even if anyone who knows Del Vecchio makes sure that the businessman already has clear ideas about future management. Anyway in the small city of Milanese finance We almost spoke only of the "power game" that could open. And there are many assumptions about who could, in the Del Vecchio era, administer Mediobanca.

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