WestLB AG appoints Heinz Hilgert as new CEO
WestLB AG Supervisory Board announcement
WestLB AG appoints Heinz Hilgert as new CEO
WestLB AG’s Supervisory Board has unanimously appointed Heinz Hilgert (54) to be the new CEO of the bank. He will succeed the present CEO Alexander Stuhlmann who was appointed in the summer of 2007 on May 1st.
The chairman of the supervisory Board, Michael Breuer hailed the appointment as decisive for the future of the bank: “Heinz Hilgert is a man of concrete action and his vision of the future of WestLB convinced us all” Michael Breuer said.
Mr Hilgert has extensive experience in all areas of banking. From 1996 to 2007 he was a board member of DZ bank, latterly as deputy CEO.
“Above all from this time Heinz Hilgert has considerable experience in the successful restructuring of business models with regard to Verbund business. He is a man of concrete ideas and action and has considerable experience with regard to the merger and restructuring of banking processes.” Mr Breuer said.
Before working for the cooperative credit institutions Mr Hilgert held important posts at Chase Manhattan Bank and Sal.Oppenheim.
The unanimous appointment of Mr Hilgert underlined the Supervisory Board’s determination along with WestLB’s shareholders and workforce to play an active role in the Landesbanken consolidation process. The unanimity and cohesion of the shareholders has been further emphasised by the completion of the agreement to construct a special purpose vehicle to absorb most of the bank’s liabilities arising from structured securities.
“The combination of the new risk shield, new business model and the strong industrial potential of the state of North Rhine Westphalia married to WestLB’s international expertise will allow the bank to go into the consolidation process with confidence.” Breuer noted.