Big Boss Goes - Another One Bites The Dust
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The Financial Times has reminded us that Votron's June 2007 statement about the ABN deal ('These are assets that are pretty stable...and, operationally, something we do for a living day after day in the same geography. The level of risk is very low in terms of our approach') came back to bite him on the rear end.
Dutch shareholder activist group, VEB, however, is still not happy. The investor group's lawyer said that 'Votron's departure doesn't answer our questions'. And VEB is also thought to want Fortis's chairman, Count Maurice Lippens, to fall on his sword too.
In the meantime, Fortis's stock hit a thirteen-year low Tuesday after the company confirmed that Dutch regulators may investigate claims that management misled shareholders. A Fortis spokesperson said that regulators wouldn't likely make a decision on whether to launch a probe for a week or so, and that it was not a foregone conclusion that an investigation would ultimately be launched in any case.
Finally, Bloomberg reports that Credit Agricole's board gave CEO Georges Pauget a vote of confidence Tuesday, despite the bank emerging as the hardest-hit French firm from the sub-prime debacle (it's written down almost $8bn in assets tied to subprime instruments). Pauget had basically offered his board a 'back-me, or sack-me' ultimatum.
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