Fortis replaces chief exec

<!--StartFragment--> BELGIAN Insurance group Fortis, yesterday announced the departure of its chief executive Karel de Boeck, after just seven months at the helm.<br /><br />The group named insurance veteran Bart De Smet, as his successor. He will become the fifth new chief executive at Fortis in under a year.<br /><br />It is understood that De Boeck was ousted because his banking profile does not fit well with the new and dramatically slimmed-down Fortis, which has essentially become an insurance group. Fortis was carved up by Belgian, Dutch and Luxembourg governments after an &euro;11.2bn (&pound;9.5bn) cash injection failed to halt the decline in the value of its shares.<br /><br />De Boeck guided Fortis through the controversial sale of Fortis assets to France&rsquo;s BNP Paribas.<br /><br />The sale was approved by a stormy investor meeting in April when a shoe and coins were thrown at the chairman.<!--EndFragment-->