The Fortis board on Friday unanimously decided to appoint Mr Dierckx. Fortis chairman Maurice Lippens said that given his experience and knowledge of the company the board was pleased the new CEO was prepared to take on this new challenge.
Mr Votron stands accused of taking a number of controversial decisions that allowed the group's share to plummet on the stock market.
Under his tenure Fortis took part in the takeover of the Dutch banking group ABN Amro together with Britain's RBS and Banco Santander of Spain.
An additional capital enhancement operation was required to allow the operation to proceed.
Dierckx is no stranger to Fortis
He also formed part of the management of the Fortis group.
Mr Dierckx was installed as CEO with full powers on Friday, but his appointment will have to receive the go ahead from a shareholders' meeting.
Challenges facing Fortis include the integration of ABN Amro, restoring confidence in the financial group and shoring up Fortis's share value.
"Make or break"
Mr Huybrechts insists that the appointment of a new CEO is Fortis's ultimate chance to reverse the downward spiral of the share’s value on the stock exchange.
He continues:” the Fortis board replaced Mr Verwilst with immediate effect. He's being succeeded by a younger guy, Mr Dierckx, but Dierckx was already in practice the top man at the bank.
He's also the fourth CEO at Fortis in so many years. I don't think that operation can be repeated."
Hein Lannoy of the Banking Commission says the consultations are taking part together with regulators and the government.
"The bank's share has lost a lot of value. We now need to look for a solution for the bank calmly."