Sachsen LB board overhauled

In the wake of a takeover agreement with Landesbank Baden-Württemberg, the chairman of Sachsen LB's board of directors, Herbert Süß, has resigned effective from September 15 2007.

Joachim Hoof, a member of the supervisory board and chairman of the board of directors of Ostsächsischen Sparkasse Dresden, will replace him.

Stefan Leusder, head of capital markets, has also resigned and will be replaced by Wolf-Dieter Ihle, an executive at Landesbank.

While Süß’s and Leusder’s resignations have been announced as voluntary, the employment of fellow board members, Yvette Bellavite-Hövermann and Werner Eckert, was terminated at a shareholder meeting on August 30 with immediate effect. Both had been members of the board of directors since September 2006, Bellavite-Hövermann reportedly responsible for risk management, and Eckert for the corporate banking business area, and the special and investment finance segments operated by the CFH and EastMerchant subsidiaries. No official reason for their resignation has yet been announced.