Marco Morelli (pictured) has been appointed new chief executive officer and general manager of Italian financial group Banca Monte dei Paschi di Siena, as from 20 September.
The group’s board of directors, based on the proposal made by nomination committee, said Marco Morelli has “the best profile” to assume these roles “in light of his broad international experience along with his deep knowledge of the Italian banking industry”.
Morelli replaces Fabrizio Viola who recently expressed his availability to work with the group’s chairman to find an agreement to terminate his contract.
Viola gave his availability to provide his support until 15 October 2016.
Morelli will have an annual fixed salary of €1.4m inclusive of specific treatments.
Prior to joining the MPS group, Morelli was CEO and General Manager of J.P. Morgan Italy and a member of J.P. Morgan Europe executive committee. He also worked for UBS, Samuel Montagu and KPMG in different European locations.
Morelli was Bank of America Merrill Lynch’s vice chairman of corporate & investment banking for Europe, the Middle East and Africa CGIB and he has been the country executive of Bank of America Merrill Lynch in Italy since October 2012.
Before joining BofAML, he was General Manager and deputy to the CEO of the Intesa Sanpaolo Group from March 2010. From June 2006 to February 2010, he was deputy general manager of BMPS, first as responsible of Corporate Banking and Capital Markets division and then as chief financial officer.
In addition, he was also the CEO of MPS Capital Services Banca per le Imprese. In 2006, on behalf of shareholding banks, he has been chairman of HOPA.
The appointment of Morelli will be submitted to the European Central Bank for approval.