Fortis Creates COO Position

October 22, 2004

Fortis CEO Jean-Paul Votron and the Fortis Executive Committee announced the decision to create the position of Chief Operating Officer (COO) for the Belgian-Dutch banking and insurance group.

“In doing this, Fortis recognises the importance of strengthening horizontal Fortis-wide support and operational functions to leverage its growth strategy,” said the bulletin. “This will also encourage the ‘one company’ concept, enhance consistency and coherence throughout the organisation (bank and insurance) and put new energy into business development throughout the group.”

Fortis said the new COO “will play a key role in the realisation of these ambitions by closely collaborating with the CEO and CFO in the day-to-day management of the group.”

Herman Verwilst, Deputy CEO of Fortis, has been named as the company’s first COO. “He is best positioned to assume this new role given his success in steering Fortis Bank through the first-ever European cross-border integration,” said the company. “He will combine his new function with his responsibilities as Chairman of Fortis Bank’s Management Committee. As COO, he will be responsible Fortis-wide and cross-businesses for Human Resources, Information Technology, Facility, Operations, Risk and Legal & Compliance.

Other Fortis-wide support functions will report as follows: Corporate Strategy and Corporate Communications will report directly to CEO Jean Paul Votron. CFO Gilbert Mittler will head a realigned CFO Office, structured around Control, Reporting, Tax, Finance, M&A and any parts of Legal and Central Risk Management not transferred to the COO. He will also assist the CEO in assessing business performance and evaluating critical strategic decisions.”

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