Mediobanca Shake-Up: CEO Alberto Nagel Steps Down After 18 Years, Hails ‘Extraordinary Path’ in Farewell Address
Milan, Italy – In a move that sent ripples through Italy’s financial corridors, Alberto Nagel, the long-serving CEO of Mediobanca Banca di Credito Finanziario S.p.A., announced his resignation on Wednesday, citing the completion of a transformative era for the storied investment bank. The 64-year-old executive, who has helmed the institution since 2007, bid adieu with a poignant reflection: “We made an extraordinary path,” underscoring a tenure marked by bold restructurings, international expansions, and navigating the Eurozone’s deepest crises.
Nagel’s departure, effective immediately but with a transition period until a successor is named, comes amid whispers of boardroom tensions and strategic pivots under Chairman Renato Pagliaro. In a letter to shareholders released via the Milan Stock Exchange, Nagel framed his exit as a natural evolution, praising the bank’s evolution from a traditional merchant bank into a diversified powerhouse with €80 billion in assets under management. “Over these 18 years, we have rewritten Mediobanca’s story, turning challenges into opportunities and forging alliances that positioned us as a European leader,” he wrote, alluding to landmark deals like the 2016 acquisition of CheBanca! and deepened ties with global players such as Blackstone and Goldman Sachs.
The announcement triggered a 2.5% dip in Mediobanca’s shares on the FTSE MIB, closing at €14.80, as investors digested the leadership vacuum. Analysts at Equita SIM called it a “bittersweet pivot,” noting Nagel’s role in steering the firm through the 2008 financial meltdown, the 2011 sovereign debt storm, and the COVID-19 downturn—delivering a compound annual growth rate of 8% in earnings per share. Under his watch, the bank’s return on equity surged from sub-5% lows to a robust 12% in fiscal 2025, fueled by a pivot toward wealth management (now 40% of revenues) and selective M&A advisory in luxury and energy sectors.
Yet, the swan song wasn’t without shadows. Nagel’s era drew flak for aggressive cost-cutting that slashed headcount by 20% and sparked union unrest, while critics like former ECB official Lorenzo Bini Smaghi accused the bank of over-reliance on Italian blue-chips like Generali, where Mediobanca holds a pivotal 13% stake. Recent board clashes over the Generali stake’s future—amid activist pressure from Del Vecchio’s Delfin empire—may have hastened the timing, though Nagel insisted his decision was personal, timed to coincide with the bank’s 75th anniversary celebrations.
The search for a replacement kicks off with Pagliaro at the helm, with names like former UniCredit execs and McKinsey alumni floating in Milan cafes. Mediobanca’s board, in a terse statement, lauded Nagel as a “visionary architect” and pledged continuity in its “One Bank” strategy, emphasizing sustainable growth and digital innovation. “Alberto’s legacy is etched in our DNA; we honor his extraordinary path by building on it,” Pagliaro said during a brief press call.
For Italy’s financial old guard—where family dynasties and political patronage once reigned—Nagel’s exit symbolizes a generational shift. As he steps into consultancy and board seats (rumors swirl around Eni and Ferrari), the question lingers: Can his successor match the maestro’s blend of grit and glamour, or will Mediobanca’s Milanese flair fade in a fintech-driven world? With Q3 earnings due next month, the bank’s next chapter begins now.
Sources: Reuters, Il Sole 24 Ore, Financial Times, Bloomberg.