Chairman´s Contract Ends on March 31, 2004
Dr. Johannes Ringel had assumed the vacant position of Chairman of the Managing Board in order to begin the necessary restructuring of the Bank for 2005 and to ensure the smooth transition to a new Chairman of the Managing Board.
The Supervisory Board unanimously approved the WestLB 2005 concept submitted by Dr. Ringel. This is currently being implemented. Dr. Ringel has therefore laid the foundations for the successful orientation of the Bank after 2005.
By the end of March 2004, the implementation will have reached the stage where the successor of Dr. Ringel as Chairman of the Managing Board will be able to continue the strategy for the years after 2005 in close consultation with the owners.
Accordingly, Dr. Ringel has decided that his period in office will terminate on March 31, 2004 and has thus ended all speculation about the duration of his term of office. In the next six months, the Supervisory Board can, as planned, decide on the appointment of the successor to Dr. Ringel.