Dexia’s CEO, Axel Miller, will not seek golden parachute

Axel Miller, the leaving CEO of Dexia, the Franco-Belgian bank rescued from final collapse earlier this month, guaranteed he will not ask for a pay-off when he quits the company.

As developed in a previous article, Dexia became, after Fortis, the second Belgium lender to be bailed out by European authorities, and was rescued by a $8.9 billion cash injection from three different governments earlier this month.

Axel Miller declared: "Following my decision to resign as CEO, I have also decided that I will not ask for payment of any end-of-contract indemnities."

"I shall leave it to the board of directors at the end of the work with which they have entrusted me to determine all matters relating to my actions with the Dexia group."

He resigned after the Governments of France, Belgium and Luxemburg vowed $8.9 billion to sustain the local government lender, which has retail banking unit with more than 5 million customers.

Dexia’s near meltdown came the day after the partial nationalisation of the Dutch-Belgian bank, Fortis.

According to his contract, Axel Miller was supposed to leave the fallen company with a $5.2 million golden handshake.

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