WestLB AG Supervisory Board Appoints Dr. Thomas R. Fischer as the New Chairman
Dr. Matthijs van den Adel and Rainer Schmitz Strengthen the Managing Board
At its meeting today, the Supervisory Board of WestLB AG unanimously appointed Dr. Thomas R. Fischer (56) as the new Chairman of the Managing Board of WestLB AG. He will take up his appointment on January 1, 2004. The Supervisory Board also unanimously appointed Dr. Matthijs van den Adel (58) as Chief Risk Officer and Rainer Schmitz (55) as Employee Relations Director. Rainer Schmitz will take up his duties with immediate effect as a deputy member of the Managing Board. Dr. Matthijs van den Adel will join the Board on January 1, 2004.
Dr. Thomas R. Fischer is a highly respected banker both in Germany and abroad, an experienced risk manager and has intimate knowledge of the savings banks organisation. In the course of his career he was Chairman of the Managing Board of Landesgirokasse Stuttgart and a member of the Managing Board of Deutsche Bank AG. Dr. Fischer views the implementation of the 2005 business model and the development of a viable long-term strategy as one of his main tasks: "WestLB is highly competitive, it has committed and highly qualified employees and an efficient management team. In close consultation with the owners we will reposition the Bank strategically for the post-2005 period and return it to sustainable profitability," Dr. Fischer said. "In addition to increasing profitability, one of my main tasks will be risk management." Dr. Fischer thanked the owners and the Supervisory Board for the confidence placed in him, saying that he now intended to familiarise himself with the tasks that lay ahead, encouraged by the will and resolve of all parties to achieve the objectives which had been set.
Dr. Matthijs van den Adel joins WestLB from Fortis, where he was most recently Managing Director with responsibility for the central balance sheet and risk management of the Banking Group. Founded on the Dutch and Belgian savings banks organisations, Fortis has developed to become the first cross-border one-stop financial services group in Europe. By creating and developing an integrated risk management concept, Dr. van den Adel was instrumental in the successful implementation of the Group´s risk management system. He previously held various senior management functions with other banks. From 1980 to 1983 he was Managing Director at Rabobank Nederland in Frankfurt and from 1984 to 1988 he was a deputy member of the Managing Board of ADCA Bank AG (later renamed Rabobank Deutschland AG, Frankfurt). Prior to joining Fortis Nederland he was a member of the Managing Board of Fuji Bank (Deutschland) AG.
Dr. van den Adel has extensive experience in international banking business for medium-sized corporate clients as well as specialist knowledge in the field of risk management. He was also actively involved in the Basle II consultation process.
Apart from one brief period, Rainer Schmitz, the new Employee Relations Director, has been with WestLB since completing his banking apprenticeship. He has held numerous senior management positions over the years and has an intimate knowledge of the workings of the Bank. After a period in Asset Liability Management he performed various management functions in Equities Investment Banking, where he has been a business unit head since 1994. Rainer Schmitz has also represented the senior management on the WestLB AG Supervisory Board since August 2002.
Dr. Bernd Lüthje, Chairman of the WestLB AG Supervisory Board, said: "The appointment of Dr. Fischer gives the Bank the stability it needs at the top level, in particular to drive the strategy for the post-2005 period. The business model now being implemented by Dr. Ringel is already having a significant impact in this respect, and this will now be taken further. Once the reorganisation has been completed, the Bank will return to sustainable profitability. The appointment of Dr. Thomas Fischer, Dr. Matthijs van den Adel and Rainer Schmitz today will contribute decisively towards achieving this."
Dr. Johannes Ringel will hand over the reins of Chairman to Dr. Thomas R. Fischer on January 1, 2004, thereby ushering in the changes at the Board level.
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