ABN’s Groenink set to resign officially

1st November 2007, Comments 0 comments

1 November 2007, AMSTERDAM - Rijkman Groenink, chairman of the managing board of ABN AMRO, the Dutch bank taken over by a consortium in October, is to step down officially on Thursday during an extraordinary shareholders meeting in Amsterdam.

1 November 2007

AMSTERDAM - Rijkman Groenink, chairman of the managing board of ABN AMRO, the Dutch bank taken over by a consortium in October, is to step down officially on Thursday during an extraordinary shareholders meeting in Amsterdam.

At the meeting, the new managers will be presented.

In mid-October, 58-year-old Groenink stepped down as chairman of ABN AMRO’s managing board after the bank had been taken over by the consortium of Royal Bank of Scotland, Fortis NV and Banco Santander.

ABN AMRO has announced Groenink is to receive an extra bonus of EUR 4.3 million upon his departure.

The bonus equals 22 months of Groenink's regular salary payments and bonuses.

The money comes on top of a sum of some EUR 26 million worth of shares and options which Groenink received following his departure from ABN AMRO.

The CNV business union wants Groenink to place half of the EUR 26 million at the disposal of ABN AMRO staff.

Criticism of Groenink increased among most Dutch labour unions during the eight-month takeover battle for ABN AMRO.

They argued that regardless who would take over the bank, Groenink would always benefit from it financially. But the employees, they said, would run the risk of losing their jobs following any takeover.

CNV manager Ahmed Kansouh said the extraordinary shareholders meeting is an excellent opportunity for Groenink to announce his willingness to do so.

An ABN AMRO spokesman said it was unknown whether or not Groenink would make such a gesture.

"That would be his personal decision," the spokesman said.

ABN AMRO also announced the other five members of ABN AMRO’s managing board are to receive sums of EUR 11 to 17 million in shares and options.

[Copyright dpa 2007]

Subject: Dutch news

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