Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Swedbank boss bows out on full salary

Share this article

Swedbank boss bows out on full salary
15:11 CET+01:00
Under-fire chairman Carl-Eric Stålberg is to be replaced, Swedbank announced on Friday but will to continue to receive his 3,1 million kronor ($441,000) yearly earnings until early 2011.

Stålberg, who has been chairman since 2003, has been widely criticised for the bank's investment in the Baltic region amid ongoing losses for the concern.

“It was necessary to get rid of him,” said Günther Mårder, head of the Swedish Shareholders' Association (Aktiespararna), to news agency TT.

Swedbank is expected to report losses of around 10 billion kronor for 2009.

Yet, following the announcement, Stålberg received gratitude for his six-year service from the head of the bank's biggest owner, Anders Sundström, CEO of insurance giant Folksam.

“I have had and continue to have have full confidence in him,” he said.

Unusually for a chairman, Stålberg is employed by the bank and, in accordance with his contract, steps down from his position on full pay until he turns 60 in January 2011.

His annual Swedbank salary is reported to amount to 3,1 million kronor ($441,000).

Swedbank will appoint a new board at their annual general meeting on March 26th in Stockholm.

Get notified about breaking news on The Local

Share this article

Become a Member or sign-in to leave a comment.
Advertisement

From our sponsors

Zagreb: Spend this summer in Croatia's vibrant capital city

Lush green parks throughout the city centre, imposing heritage buildings, real Central European cafe society and Mediterranean style hospitality. Welcome to Zagreb, Croatia's stunning capital!

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement