GERMAN state-owned lender BayernLB said confirmed yesterday that chief executive Gerd Hausler will step down at the end of the year, following a restructuring of the bank.
Hausler, a former Bundesbank central council member who subsequently held positions with Dresdner Bank and the International Monetary Fund, took up his position in April 2010.
It is unclear at the moment who will succeed him, but the supervisory board is now looking for a successor with the help of outside experts, the bank said in a statement.
Rumours of his departure first surfaced in a German newspaper over the weekend, with sources saying Hausler saw his mission at BayernLB as accomplished following progress in restructuring the bank. “The decision (for him to leave) has been fixed a while ago,” said one source. Hausler’s contract with Munich-based BayernLB was set to expire in 2015.
“Thanks to his extensive banking expertise and many years of experience in the German and international financial sectors, Gerd Hausler, working with a completely new team on the Board of Management, was able to revamp, restructure and stabilise the Bank for the long term in less than four years,” said Dr Markus Soder, Bavarian state minister of finance.
Hausler was appointed at the behest of the Bavarian State Government in 2010.