Piet Moerland has decided to resign as Chairman of the Executive Board of Rabobank Group with immediate effect in the light of the findings of the Libor and Euribor investigations. Moerland wants to send a strong message. Moerland (64) joined the Executive Board in 2003 and has been Chairman since 2009. His duties are taken over by Rinus Minderhoud (67) with immediate effect. Minderhoud has been a member of the Supervisory Board since 2002.
Piet Moerland explains:
"I fully understand and share the sense of indignation that the findings of the Libor and Euribor investigations will cause. I wish to send a strong message on behalf of the Bank and on behalf of the Executive Board: we sincerely apologize for, and strongly condemn, this inappropriate behavior. The Board deeply regrets that this happened and that it was possible for this to have occurred at our Bank. It is particularly disappointing because this type of behavior is completely contrary to the standards and values of Rabobank as a cooperative bank which is rooted in the community. Respect, integrity, sustainability and professionalism are the core values of our Bank. The public must be able to trust that everyone at Rabobank operates with these values in mind. That is why I have today decided that, as a matter of principle, it is appropriate for me to resign as Chairman of the Executive Board with immediate effect." Moerland added: "I would like to emphasize that what has happened does not reflect on our more than 60,000 employees at home and abroad, who fulfill their duties conscientiously and in good faith every day in order to serve our members, customers and the community. I am proud of them, and I know that they will continue to ensure that Rabobank does the right things, and that Rabobank is and remains a reliable and strong bank."
Reaction Wout Dekker, Chairman of the Supervisory Board:
"I understand the decision of our Chairman, Piet Moerland, to resign immediately. I would have preferred that he continue to lead our Executive Board but I have great respect for his personal decision. I want to emphasize that neither Piet Moerland nor any other member of the Executive Board had any involvement in these events. The Supervisory Board has accepted Piet's decision with regret. Rabobank is grateful to him for his significant contribution to the Bank during ten years on the Executive Board. On behalf of the entire cooperative organization, I thank him for his dedication and expertise. I wish him all the best for the future. The Supervisory Board is grateful to Rinus Minderhoud for taking on the role of interim Chairman with immediate effect. He is a very experienced banker and is already familiar with all aspects of Rabobank in his capacity as a member of the Supervisory Board since 2002."
Notes Rinus Minderhoud, Chairman of the Executive Board:
"Rabobank has already taken significant remedial measures. We are also rolling out improvement programs, including behavioral and cultural programs. I see it as my priority vigorously to lead the implementation of these measures, especially in the interests of our customers in the Netherlands and abroad. The Executive Board is fully determined to have the core values - quickly - further embedded into all our business operations. I am fully confident that Rabobank will show resilience in the coming period and that all our clients, members and employees will again be proud of our Bank. I will do my utmost to accomplish this.”
The Supervisory Board has decided that Rinus Minderhoud will be granted a salary of EUR 985,000 on an annual basis. Minderhoud will receive no pension contribution and - like the other members of the Executive Board - no variable remuneration. Piet Moerland has waived any severance payments.
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