Banks, EU – Baltic States, Financial Services

International Internet Magazine. Baltic States news & analytics Tuesday, 20.05.2025, 00:56

Swedbank removes council chairman Stalberg from office

Nina Kolyako, BC, Riga, 18.01.2010.Print version
The Swedish bank Swedbank has announced the removal of Council Chairman Carl-Eric Stalberg from office, reports The Local/LETA. Stalberg became chairman of Swedbank in 2003 and has earned much criticism concerning the bank's investments in the Baltic region, which are now bringing Swedbank considerable losses.

Carl-Eric Stalberg.

It is expected that losses for Swedbank in 2009 will reach about SEK 10 billion (LVL 691 million), according to the Swedish media.

 

Despite leaving office, Stalberg will continue to receive his salary of SEK 3.1 million until 2011, writes "The Local".

 

Stalberg has an employment contract with the bank, which is an unusual situation for a chairman. According to his contract, Stalberg was to leave office in January 2011 when he reached the age of 60, and until then will receive a full salary.

 

Anders Sundstrom, director of insurance giant Folksam, the main owners of Swedbank, expressed his thanks for Stalberg's work.

 

"I have had and continue to have full confidence in him" said Sundstrom.

 

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





← Back↑ Up

Русский
Search site