Reuters - 21 senior execs sent letters saying the banks’ boards lacked direction

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Dutch bank ABN Amro on Friday said a group of 21 senior executives sent letters to regulators and the Dutch government earlier this year, saying the banks’ boards lacked direction.

Reuters reports that in their letters, first reported by Dutch daily Het Financieele Dagblad on Friday, the managers said ABN could become a takeover target, and that Chief Executive Kees van Dijkhuizen was not showing strong leadership.

“I understand that change can cause concern, but I do not share these concerns”, Van Dijkhuizen said in a memo sent to ABN staff on Friday, seen by Reuters.

State-backed ABN Amro went through some management upheaval earlier this year. Chairwoman Olga Zoutendijk stepped down after internal issues over her “leadership style.”

Hit the link below to access the complete Reuters article:

ABN Amro faces criticism from managers over lack of direction

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