Fortis chief Votron steps down!

Utrecht, July 12: The chief executive officer of Belgian-Dutch bank Fortis stepped down Friday, the bank said, amid shareholder anger over his handling of problems arising partly from the US subprime crisis. Jean-Paul Votron became one of the highest European bank officials to lose his job since the subprime home loan crisis erupted last year. "The board of directors of Fortis and Jean-Paul Votron have decided, by mutual agreement and in the interest of the group, to terminate the mandate of Jean-Paul Votron as Fortis CEO," said a statement. "Herman Verwilst, currently Fortis deputy chief executive officer and executive member of the board, has agreed to take over the group CEO function." Votron's mandate had been due to run until 2011. The board of the bank met Friday as Votron faced growing anger from shareholders over the... [read full story]