Erste Group, Austria’s largest bank, has announced that CEO Bernd Spalt will not renew his contract, which expires on June 30, 2023, due to differing views on the group’s future, long-term strategic orientation.
Erste did not specify what the differences were.
The bank stressed that its supervisory board will begin the replacement process for its CEO after the annual general meeting on May 18, and that Spalt will continue to manage Erste until further notice.
Spalt took over from the longest-serving CEO of a European bank, Andreas Treichi, in January 2020, just before the coronavirus crisis.
Erste, which operates in Austria and six European countries, including Hungary and Romania, does not have its own operations in Russia and Ukraine, and its customers have little exposure in either country.
Source: Capital
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