Schelling Elected Chairman of VBAG

People ♦ Published: April 27, 2012; 14:17 ♦ (Vindobona)

Hans Jörg Schelling, former CEO of the public accident insurance company, was elected supervisory board chairman of financially stricken Austrian banking group Volksbanken AG (VBAG), in which the state just got a 43 percent stake.

Schelling Elected Chairman of VBAG / Picture: © Wikipedia / Knopferl28

After a bumpy shareholders meeting that lasted well into Thursday night, Schelling emerged as head of the group's supervisory board. Schelling, deputy head of Austria's influential Chamber of Commerce, now gets to oversee the loss-making bank's efforts to get back on its feet.

The bank did not announce who would succeed Gerald Wenzel as chief executive. Sources close to the…