Fortis, a provider of banking and insurance services, has announced that the company's board of directors and Jean-Paul Votron have decided, by mutual agreement and in the interest of the group, to terminate the mandate of Mr Votron as CEO of the company.

The company has said that Herman Verwilst, currently Fortis deputy CEO and executive member of the board, has agreed to take over the group CEO function.

The board has decided to start an executive search within, and outside, the company for the future succession of the CEO.

Mr Verwilst was chairman of Fortis Bank’s management committee from July 1998 until January 2008. He is chairman of Fortis Bank and Fortis Insurance since January 2008. Mr Verwilst took on additional roles in the company when he was named deputy CEO in September 2000, COO from October 2004 until December 2007. Prior to his current appointments, Mr Verwilst worked in various positions within Fortis in the 1990s.