Bank shareholders vote chairman out

Bank shareholders vote chairman out

The chairman of Swedbank has failed to be re-elected after the exits of the bank's CEO and CFO earlier this year.

In a statement, Swedbank said Anders Sundström did not receive “sufficiently large support” from the nomination committee for his re-election as Chair and will be replaced by current Deputy Chair Lars Idermark.

The nomination committee consists of the Chair of the Board of Directors and four of the largest shareholders or owner groups who have the largest shareholding in the bank. 

Anders Sundström did not participate in the Nomination Committee’s handling of the new proposal.

Lennart Anderberg, Chair of the nomination committee, said: “We regret that Anders Sundström does not have the support that the nomination committee has aimed at, but we want to emphasize that Anders Sundström has been of crucial importance for Swedbank’s positive development ever since he first was elected to the board.”

In February, Michael Wolf stepped down as the bank’s president and CEO, and in March, CFO Göran Bronner announced he would leave following the release of Swedbank’s second quarter.

Michael was replaced by Birgitte Bonnesen – who became acting CEO – and Chief Risk Officer Anders Karlsson will replace Göran on 18th July.

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