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BayernLB CEO to leave, starts search for successor

Bayerische Landesbank AöR has started the search for a successor to CEO Johannes-Jörg Riegler, whose contract expires Feb. 28, 2019.

The German lender and Riegler engaged in prolonged negotiations about his contract. Compensation was among the key issues the two sides could not agree on, according to German media. Riegler wanted his €750,000 salary to be doubled, and there was also a debate about his pension, Handelsblatt reported Dec. 12.

BayernLB said it had reached "a highly amicable agreement" with Riegler about his departure at the end of February. Riegler, who joined in April 2014, played a key role in the completion of BayernLB's legacy assets restructuring, supervisory board chairman Wolf Schumacher said.

Edgar Zoller, who was Riegler's deputy, will take over the CEO role on an interim basis until a successor has been found, the bank said. Commenting on the search, Schumacher said that "quality takes precedence over speed."