Banca Sistema SpA said that its shareholders appointed a board of directors, including Luitgard Spögler to chair the board. Spögler, Michele Calzolari, Gianluca Garbi, Daniele Pittatore, Claudio Pugelli and Giovanni Puglisi were appointed from the majority list. Giorgio Barba Navaretti, Carlotta De Franceschi and Andrea Zappia were elected from outside the list, but were jointly proposed by the majority shareholders party to the shareholder agreement dated June 3. The board subsequently named Pugelli vice chairman and Garbi to serve as CEO, with the latter joining De Franceschi and Puglisi to form the executive committee.

The nine-member board will serve until the shareholder meeting to approve the annual report as of December 31, 2017.