Fortis fires CEO Votron
Fortis is one of the few European companies where the CEO has to leave as a consequence of the financial impact of the credit crisis.
CEO Jean-Paul Votron of Fortis has been fired after the expensive purchase of ABN Amro and the credit crisis brought the company in financial troubles. The company lost two thirds of its market value in the last year.
According to a press release Fortis was satisfied with the policy and choices Votron made. The takeover of ABN Amro and the capital-raising plan got full support of the board of Fortis. On the contrary, shareholders were very unsatisfied about the capital-raising plan. This plan meant an unexpected offering of new shares and a cancellation of the cash dividend even though not too long ago Votron had claimed this would not be necessary.
| 
