Notification of the WestLB AG Supervisory Board
Dr. Hans-Jürgen Niehaus to leave WestLB AG by mutual agreement and at his own request – Thomas Groß to assume additional duties of CFO
Dr. Hans-Jürgen Niehaus, Chief Financial Officer (CFO) of WestLB AG, is to leave the Bank by mutual agreement and at his own request. The Supervisory Board and Dr. Niehaus have agreed that his contract will expire on April 30, 2011. Dr. Niehaus will play an active role in preparing the revised restructuring plan to be submitted to the European Commission by mid-February 2011 and will complete the annual financial statements for the 2010 financial year.
Thomas Groß will assume the duties of Dr. Niehaus as Chief Financial Officer with divisional responsibility for Group Controlling and Group Finance on May 1, 2011.
Michael Breuer, Chairman of the Supervisory Board, said: “Over the past years Dr. Niehaus performed his role as Chief Financial Officer of WestLB AG with considerable competence and commitment, dealing successfully with numerous major challenges in his area of responsibility. Among his achievements he was responsible for converting WestLB´s accounting procedures to the International Financial Reporting Standards (IFRS) and for establishing the value-oriented steering process based on uniform key performance indicators. We take this opportunity to express our gratitude to Dr. Niehaus for his valuable contribution and wish him all the very best for the future. With the appointment of Thomas Groß as Chief Financial Officer, WestLB will press ahead with the further interlinking of risk management and financial accounting.”