In a surprisingly worded press release ING Group ING (NYSE), the Dutch financial service firm, put out a press release today that announced the current CEO, Michel Tilmant, would step aside as CEO today. The release stated,
… in light of the extraordinary developments over the past few months and given his personal condition, Michel Tilmant will step down from the Executive Board as of today. Michel Tilmant will be an advisor to the company until his retirement from ING on 1 August 2009.
Tilmant leaves his position as the company continues to struggle. The firm would not only lose its CEO it has also lost nearly 7,000 ING employees. This comes all on top of a fourth quarter deficit of nearly 3 billion Euros. The announcements were highlighted in today’s UK Times Online. According to a story by Dominic Walsh in the Times Online,
A spokeman for ING said that Michel Tilmant, 56, would be stepping down as chief executive because of the stress of leading the group through the most turbulent period in living memory.
“It has taken its toll on him,” the spokesman said.
The company has selected Jan Hommen, the current chairman of the supervisory board of ING Group, to be the new CEO. Hommen’s selection requires the approval of a general meeting of the shareholders scheduled for April 27, 2009. Until his formal selection is approved, the company has placed Eric Boyer, a member of the ING’S Executive Board, as the company’s interim CEO. At this point it is difficult to get a handle on what Hommen will bring to the table that will be different from what Tilmant had brought to the management table. Stay tuned.