The board of Monte dei Paschi di Siena (MPS) has voted to oust its chief executive, and the bank has scrapped planned meetings with investors over its new strategy, sources told Reuters.

The decision removes the CEO at the top of one of Italy's most closely watched banking turnarounds. It also pulls the plug on a roadmap presentation that investors had been expecting, leaving the bank's strategic direction in limbo while a leadership transition plays out.

What happened at the board?

According to sources, directors voted to remove the chief executive. The board's move effectively ends the CEO's tenure and hands control of the transition to the remaining leadership. No replacement has been announced, based on the information available.

The vote came ahead of a planned round of investor meetings. Those sessions were intended to walk shareholders and analysts through the bank's new strategy. They will no longer take place as scheduled.

Why were the investor meetings cancelled?

The meetings were tied to the new strategy that the outgoing CEO had been preparing to present. With the board moving to remove him, the bank decided the briefings could not proceed, sources said.

For investors, the cancellation removes the main scheduled opportunity to question management on the plan's assumptions, targets and timeline. It also signals that the strategy itself may be revisited once new leadership is in place — or that its champion's departure makes the roadmap untenable in its current form.

What does this mean for MPS?

MPS has spent years working through a state-backed rescue and restructuring. A boardroom rupture at the top, followed by the withdrawal of a strategy presentation, raises immediate questions:

• Who will run the bank while the CEO's exit is formalised?
• Will the new strategy survive the leadership change, or will it be redrawn?
• When will investors get answers that the cancelled meetings were meant to provide?

The bank has not yet publicly detailed the terms of the CEO's departure or a revised schedule for communicating its plans, according to the report.

What comes next?

Investors will watch for two things: the formal announcement of the CEO change, and a new date — or a rewrite — for the strategy rollout. Until then, the cancellation of the investor meetings leaves the market without the guidance it had been promised.

The story is based on information from sources, as reported by Reuters, and the bank has not confirmed the details publicly.