Belgium starts hunt for new Dexia, Fortis chiefs

Thu Oct 2, 2008 8:01am EDT
 
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BRUSSELS, Oct 2 (Reuters) - Belgium has begun the hunt for a new chairperson for Belgian-Dutch financial group Fortis (FOR.BR) and a new chair and chief executive for Franco-Belgian peer Dexia (DEXI.BR) following their public bailouts this week.

"We're very actively looking and want to get the matter settled as soon as possible," a spokesman for Prime Minister Yves Leterme said on Thursday.

Fortis Chairman Maurice Lippens resigned on Sunday night after the Belgian, Dutch and Luxembourg governments agreed to inject 11.2 billion euros ($15.62 billion) in the company.

Dexia Chairman Pierre Richard and Chief Executive Axel Miller also announced they would quit following a 6.4 billion euro bailout by Belgium, France, Luxembourg and other key shareholders sealed on Tuesday.

The Franco-Belgian group typically has a French and a Belgian in the two top posts.

A number of Belgian newspapers reported that France, whose direct and indirect holdings give it a 25 percent blocking minority, wanted to nominate the next Dexia chief executive.

Belgium would look for a head for each of Dexia's and Fortis's boards of directors.

Newspapers set out a long list of potential candidates, adding that the ideal option in the linguistically divided country was for a French-speaker to take the Dexia post and a Dutch-speaker to be found for Fortis. Would-be chairmen of the groups included Herman Daems, chairman of Belgian holding company GIMV (GIMV.BR) and former cabinet chief of the Flemish economy ministry, and Paul Buysse, chairman of Belgian steel cord and wire maker Bekaert (BEKB.BR).

The current and former heads of Euronext Brussels, Bruno Colmant and Olivier Lefebvre, the chairman of ING Belgium (ING.AS), Luc Vandewalle, and Philippe Maystadt, president of the European Investment Bank, were also named.

Newspapers reported that Luc Coene, vice governor of the Belgian national bank, had said he was not interested. (Reporting by Philip Blenkinsop)

 

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