ABN Amro Chief to Leave Early After Returning Bank to Market
- Zalm, CEO since 2009, says lender needs longer-term leader
- Dutch bank says it’s started searching for his replacement
Gerrit Zalm.
Photographer: Jasper Juinen/BloombergThis article is for subscribers only.
ABN Amro Group NV Chief Executive Officer Gerrit Zalm will step down in 2017, saying the Dutch lender needs a longer-term leader after he brought the company back to the stock market following its post-bailout reorganization.
The bank said it has started searching for a successor for the 64-year-old executive, whose term was set to expire in May 2018. Zalm, a former Dutch finance minister, took the helm of ABN Amro in the depths of the financial crisis in 2009, and returned the company to market through an initial public offering last year that raised 3.8 billion euros ($4.3 billion). His departure announcement comes a day after he set out plans to cut as many as 1,375 jobs.