English
• Some of the rumors going around claim that Rekkers received a better offer; others, that he resigned because of disagreements with the shareholders over the bank's strategy
• Peter Franklin of the EBRD was appointed as interim delegated administrator
Last weekend, Robert Rekkers resigned from his position of general manager of Banca Transilvania (BT) and from the Board of Directors of the bank, after almost 10 years of activity, without providing an explanation for his decision. His resignation came out of the blue, taking the financial market by surprise, given the fact that during the tenure of Robert Rekkers, BT obtained remarkable achievements.
Various rumors about the reasons behind the resignation are going around, one of them being that he received a better offer from a different bank, due to the fact that he resigned from his position as General Manager, as well as from his position on the Board of Directors. His term for the latter position was going to expire in 2014. There are also rumors that a disagreement has arisen between the shareholders of BT and Robert Rekkers. Apparently, the shareholders wanted higher dividends to the detriment of the bank's development, and Rekkers, being a professional, as a career banker, did not accept.
According to the press release of BT, Robert Rekkers stated: "Most definitely, Banca Transilvania will hold a special place in my career and I am proud of my achievements while I was there. I especially liked the entrepreneurial spirit which I encountered at BT and I am happy that the bank has become one of the largest banking institutions in Romania. I have confidence in Banca Transilvania, in its increasingly important role in the market. Its power comes from within, due to that successful team which I had the pleasure of cooperating with for so many years".
Peter Franklin, a member of the Board of Directors since 2010, was appointed as an interim delegated administrator tasked with coordinating the executive activity of BT and of the Executive Management Committee.
Peter Franklin has been on the Board of Directors of BT since 2010 and will take over the new position starting with February 1st, 2012.
Horia Ciorcilă, the chairman of the Board of Banca Transilvania, said: "I want to thank Robert Rekkers, on my behalf, and on that of the members of the Board of Directors and of the shareholders, for his contribution, for over 9 years, to what Banca Transilvania means today. He was, most assuredly an essential factor in the success of BT. (...) We welcome Peter Franklin to his new position in our bank. As a member of the Board of Directors of the Bank, he distinguished himself through know-how and involvement. I am convinced that we will continue to make a good team together from this moment on, in order to keep the growth of Banca Transilvania going".
The representatives of the Communication department of the European Bank for Reconstruction and Development (BERD), which owns almost 15% of the shares of Banca Transilvania, said that the European Bank for Reconstruction and Development has acknowledged the resignation of Robert Rekkers from his position as CEO of BT. The aforementioned sources said: "The European Bank for Reconstruction and Development would like to thank Mr. Rekkers for his significant contribution to the success of Banca Transilvania and wishes him all the best in his future endeavors".
• George Butunoiu considers that the message of the press release issued by BT is unusual
George Butunoiu, the head of a head-hunting firm for the banking system, said that the wording of the BT press release - "The Board of Directors of BT has acknowledged the resignation of Robert Rekkers" - is one that is unusual and surprising, which leaves room for interpretation. Normally, such a decision gets announced by both parties, Mr. Butunoiu said.
• Rekkers, one of the most enduring bankers
Robert Rekkers served as general manager of Banca Transilvania for over nine years, being one of the most enduring managers in the banking sector. Even though the initial contract with BT had been concluded for a four year period, it was renewed three times by the Board of Directors. His arrival at Banca Transilvania, in 2002, coincided with the drafting of a new business strategy by the Board of Directors of the bank, which stipulated three approaches: consolidating the Banca Transilvania Group, launching the Banca Transilvania Financial Group and the repositioning of Banca Transilvania in the Romanian banking system.
• Gheţea: "No one is a leader for life"
Discussing the resignation, Radu Graţian Gheţea, the president of "CEC Bank" and of the Romanian Banking Association (ARB), said that Robert Rekkers was an experienced banker, whom he valued and who will not be easily replaced. Nevertheless, he thinks that "Banca Transilvania" will go on, with another manager, because there are always solutions to ensure a bank's continuity. "No one is a leader for life", said Radu Graţian Gheţea.
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• Ioan Niculae: The resignation of Robert Rekkers is a big mistake
Ioan Niculae, the main shareholder of "InterAgro", sees the resignation of Robert Rekkers as "a major mistake" for Banca Transilvania, when one considers that, under his management, the bank became one of the highest ranked on our market. "Banca Transilvania is one the few banks that helped our country's economy", said Ioan Niculae, who went on to say that the group of companies that he leads has relationship "of great interest" with the bank, considering that a few years ago they weren't working together.
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• Cuzman, SIF1: The departure of Robert Rekkers is a great loss for Banca Transilvania
Ioan Cuzman, the president of SIF1 ,,Banat-Crişana", considers that the departure of Robert Rekkers is a major loss for Banca Transilvania. "Robert Rekkers was a true professional, and bringing him over to Banca Transilvania was one of the smartest moves the bank ever did", he said.
Concerning the impact on the future evolution of the bank, Ioan Cuzman finds it normal that the market would react following the departure of the man who was the company's number one, outside the Board of Directors. He nevertheless said that he is considering the possibility of "Banca Transilvania" being organized well enough that the change at the top would not negatively affect its future performance.
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• Iosif Pop, former chairman of Banca Transilvania: I assume that the resignation has to do with the way the bank's shares are performing on the stock market
I assume that the resignation has to do with the way the shares of TLV are performing on the stock market, since their price does not reflect the bank's good earnings. I expect his successor to be capable of fixing this behavior.
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• Ceocea, SIF2: Robert Rekkers reached a level of excellence in his career
Costel Ceocea, the president of SIF "Moldova", said that Robert Rekkers has reached a level of excellence in his career and that it was normal that after a tenure of nine years he would make such a decision.
"Robert Rekkers had and continues to have the bank's sincere gratitude", said Costel Ceocea, who mentioned that he speaks on his own behalf, as a shareholder of the bank.
He went on to say that the bank has a very good situation, has a high addressability, in particular when it comes to the segments with a high potential for growth, and has a very good national coverage.
The president of SIF "Moldova" also said that Banca Transilvania has a well established staff rotation policy, for any position.
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Peter Franklin has been on the team of Banca Transilvania since August 2010, being nominated by the European Bank for Reconstruction and Development on the Board of Directors and is also a member on the Audit and Compensation Committees of Banca Transilvania.
He has an expertise of 37 years in the finance and banking sector, in prestigious companies such as General Electric, HSBC, The Chase Manhattan Bank, having worked in Asia as well as Europe. He is a graduate of Oxford University.
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