Jean-Paul Votron's position was tenuous for weeks. The management of Fortis, and specifically Mr Votron had lost the confidence of the shareholders. The shareholders lost money when the group came out with a capital increase the end of last month, causing the share value to take a dive.

Earlier it had come to light that the Mr Votron, CEO of Belgium's biggest banking and financial services group Fortis, had received a bonus of €2.5 million for the take-over of the Dutch ABN-Amro bank. The take-over contributed to the shortage of capital at Fortis.

The Fortis board of directors was in meetings all day Friday. The board hopes that the resignation of the CEO will restore confidence. The members hope that the move will appease the market.  Analysts have greeted the resignation with mixed feelings.

Herman Verwilst (photo) is taking over the post of interim CEO and executor member of the board. Mr Votron is receiving a year's salary as severance pay.

Herman Verwilst is 60 years old. He has been working at Fortis since the 1990s. From July 1998 to January 2008 he was chairman of the Board of Managers of the Fortis group. Since January he has been the president of the Board of Directors.

Before joining Fortis Mr Verwilst was active in the academic world and in public service. He was principle private secretary for the minister of Economy and Planning. He was also a senator.