BRUSSELS, Belgium, Oct. 22, 2004 (PRIMEZONE) -- Fortis CEO Jean-Paul Votron and the Fortis Executive Committee have decided to create the position of Chief Operating Officer (COO). In doing this, Fortis recognises the importance of strengthening horizontal Fortis-wide support and operational functions to leverage its growth strategy. 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.
The Chief Operating Officer (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, will become Fortis's first Chief Operating Officer. He is best positioned to assume this new role given his success in steering Fortis Bank through the first-ever European cross-border integration. 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.
Fortis is an integrated financial services provider active in the fields of banking and insurance. With a market capitalization of EUR 24.9 billion (30/09/2004) and around 52,000 employees, Fortis ranks in the top 20 of European financial institutions. In its home market, the Benelux countries, Fortis occupies a leading position which it aims to develop and bolster. Fortis is drawing on the expertise it has acquired in its home market to realize its European ambitions via growth platforms. Fortis also operates successfully worldwide in selected activities. In specific countries in Europe and Asia it effectively exploits its know-how and experience in bancassurance. Fortis is listed on the exchanges of Amsterdam, Brussels and Luxembourg and has a sponsored ADR programme in the United States. More information is available on www.fortis.com