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ABN Amro boss gets 8 million euro farewell
[Quote:]
The departing head of ABN Amro Nederland, Jan Peter Schmittmann, is leaving his post with an 8 million euro golden handshake.
A judge ruled on Monday that Schmittmann was entitled to a bigger pay-out than the 2.4 million euros which ABN Amro wanted to pay. In his contract, the golden handshake totalled 16 million euros, but the former CEO had already agreed to halve that amount.
The 8 million euro pay-out is notable because the bank has been nationalised since October. It was bought by the state as part of its rescue of financial services group Fortis which was on the point of collapse.
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