The Investors Association (VEB) has said that CEO Robert Swaak’s “mysterious departure” raises doubts about ABN AMRO’s strategic course. The VEB wonders whether the bank will be able to earn enough money on its own in the coming years.
Swaak unexpectedly announced last week that he would not complete his second term as CEO. He hardly wanted to explain the decision on Wednesday during the presentation of the quarterly figures, to the surprise of analysts and journalists. Swaak had extended his contract for another four years at the end of last year.
VEB is especially surprised by the timing of the announcement. Swaak’s departure was announced six days before the ABN Amro presentation of the quarterly figures. “Why did that final decision have to be taken a few days before the quarterly figures?” the VEB wonders. According to the investors’ association, the bank could have known that this would distract attention from its performance.
ABN Amro, of which the Dutch state owns 40 percent of the shares after the nationalization, has been performing worse than its competitors on the stock exchange for years, according to the VEB.
Swaak said on Wednesday in a conversation with ANP that it is very normal for a CEO to discuss his future with the commissioners before he starts his second term.
During a meeting with analysts, he would only say that the first half of next year is a good time to step down and that his early departure is “in the bank’s best interest.” Press agency Bloomberg concluded afterward that Swaak did not want to explain his departure, “although he was bombarded with questions by journalists and analysts, which he largely dodged.”
