Banking and insurance group Fortis will elect a new board of directors and CEO at its upcoming AGM after its spectacular rescue by three European governments in September.

The beleaguered Belgian-Dutch financial institution will appoint Karel De Boeck as CEO on December 2 as interim CEO Filip Dierckx steps down, and Viscount Davignon will be the new Chairman of the board.

Mr De Boeck is Vice Chairman of ABN Amro Bank and ran Fortis’ banking arm until 2006.