The co-chairman of Belgian-Dutch banking group Fortis, Hans Bartelds, is to step down from 1 February 2002.
Fortis said that with the appointment of Anton van Rossum as chief executive last year and the unification of Fortis' shares, Bartelds had decided to give his life a new direction.
He also wished to devote more time to his supervisory directorships and his management functions outside Fortis, it said.
Along with Maurice Lippens, Bartelds directed the group until the position of chief executive was created last September.
Fortis plans to give an update on Bartelds' successor, who will be Dutch, in January.
Wire service Dow Jones reported that analysts said the resignation of Bartelds was logical, following the appointment of Van Rossum.
"This is a neutral step and we do not see it as price sensitive for Fortis, as Bartelds had no operational responsibility anymore," ABN Amro analyst Marijn Smit said.
