EBKDY Ersta Group Bank AG (PK)

By Mauro Orru

Erste Group Bank AG has appointed Willi Cernko to replace Bernd Spalt as chief executive officer, after the bank said that Mr. Spalt's term wouldn't be renewed over disagreements on the long-term direction of the group.

The Austrian bank said late Wednesday that Mr. Cernko, who has been chief corporates officer at Erste Bank Oesterreich since 2019, would take the helm of the group on July 1 and continue on his current contract until the end of 2024.

The announcement comes a month after the bank said that Mr. Spalt's term wouldn't be renewed, citing "diverging views about the future strategic long-term direction of the group."

Mr. Cernko, who has been part of Erste's management board from 2017 to 2019, said the group's "strategic goal is to become a Financial Health Company."

He will also assume the role of chief retail officer, the bank said.

Before joining Erste, Mr. Cernko was CEO of UniCredit SpA's Austrian business, and spent more than 20 years in various management roles at other organizations.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

June 16, 2022 02:01 ET (06:01 GMT)

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