Changes in Management Board of BAWAG P.S.K. (publ. 28.8.2009)

BAWAG P.S.K. today announced that the Supervisory Board had accepted the resignation, on health grounds, of David Roberts as Chairman of the Managing Board, and the appointment of Byron Haynes, currently Chief Financial Officer, as his replacement.
The changes will be effective from 16^th September.
 
Commenting on the changes, Prof. Wulf von Schimmelmann, President of the Supervisory Board said: “I think everyone would recognize the excellent job David has done in leading the Bank through the challenges of the financial crisis. The announcement today of the Bank’s profit in the first 6 months, and the strong liquidity and capital position following the recent capital injection by the Shareholders emphasizes the health of the Bank. It is with deep regret that the Supervisory Board has accepted David Roberts’ request to resign his position as Chairman of the Managing Board, for health related reasons. The Supervisory Board would like to thank David for all his efforts and wishes him all the best with his health.
 
The Supervisory Board is pleased to appoint Byron Haynes, a well recognized and brilliant expert in banking, as Chairman of the Managing Board. Since his arrival in the Bank 12 months ago, Byron has played a central role in driving forward the improvement of the Bank’s operating and financial performance. Byron Haynes is an experienced banker who has a deep understanding of retail and commercial banking in many markets, including Central & Eastern Europe, as well as having the strong financial, risk management and business skills necessary to succeed in the current challenging economic environment. Byron will lead a very strong management team who will continue to execute the current strategy and transformation plan.”
 
David Roberts said: “Unfortunately I recently became aware that I was suffering from a heart problem. Whilst treatment has stabilized the position and removed any immediate risk, it is clear from the medical advice I have received that the risks of a further more severe problem can only be reduced by a fundamental change in my lifestyle. Given my medical condition, and the need to balance my commitments to the Bank with the need to protect and support my wife and young family, I will not be able to do this.
 
The customers, employees and shareholders of BAWAG P.S.K. AG deserve to be served by a Chairman of the Managing Board who can commit himself fully to the Bank. As a consequence, I have concluded it is in the best interests of the Bank if I resign my position.
I am very proud of the progress made in the Bank over the last two years and I would like to thank my colleagues on the Managing Board and all the employees in the Bank for their help and support. Quite simply, they have done an outstanding job. I am pleased the Shareholders have asked me to continue to support the Bank in a part-time, advisory capacity and I will do whatever I can to support Byron and the team.”
 
Commenting on his appointment, Byron Haynes said: “I am pleased and honored to accept the role as Chairman of the Managing Board of BAWAG P.S.K. AG. The Bank is in a strong position and the combination of our available liquidity and capital resources along with our focus on the Austrian market means we are well placed to meet the needs of Austrian personal and commercial customers. I am fortunate to be working with a great management team and I know together we can continue to execute the current strategy and deliver value for our customers, employees and shareholders.”
 

Further inquiries:
BAWAG P.S.K. Group Press Office
Tel. 0043 (1) 534 53 – 31210,
E-Mail: presse@bawagpsk.com