He was one of the best paid bankers on the market, with his benefits including a base salary and a special bonus in stock. Rekkers owned 0.75% of stock.
Given the stability seen in the bank’s top management, between Rekkers and chairman Horia Ciorcila, the sudden resignation raises some questions.
The mandate held by Rekkers for nine years now, at the helm, expires in April. There were talks between Rekkers and the board on the mandate throughout 2011, but a conclusion was not reached.
People close to the matter say Rekkers requested an extension, to which the board did not agree.
Lately, the bank’s main shareholders reportedly discussed changing the strategy, amid the tough economic conditions. The plan was to increase the bank’s market share and open new branches, while the bank would then consolidate its position.
Rekkers was a manager for growth, and the board feels like this is a time for a low-profile manager, with more conservative views.
As such, Rekkers unexpectedly resigned three months before the expiry of his mandate. Recently, he said he would stay with the bank for as long as the shareholders wish.