By Ed Frankl

Erste Group Bank AG said Friday that Chief Executive Officer Bernd Spalt won't renew his contract, which ends in June 2023.

The decision comes from "diverging views about the future strategic long-term direction of the group", the Austrian bank said in a statement.

The company's supervisory board will start the process for finding a replacement after its annual general meeting on May 18.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

May 13, 2022 05:55 ET (09:55 GMT)

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