...FRANKFURT (S&P Global Ratings) Aug. 30, 2024--S&P Global Ratings said today that the departure of the CEO of Kommunalkredit's Austria AG (Kommunalkredit; ###/Stable/A-2) is an unexpected but manageable event. On Aug. 28, 2024, Kommunalkredit's supervisory board announced in an ad-hoc disclosure that the bank's CEO, Bernd Fislage, would leave the bank following a vote of no-confidence by its shareholders. The bank also communicated that the supervisory board will initiate a process to find a new CEO. Meanwhile, current Chief Risk Officer, Sebastian Firlinger, was appointed interim CEO. We understand that diverging views between the former CEO and Kommunalkredit's owners regarding the bank's cultural and operational setup were the key reasons for the ouster. We also understand that Altor Funds, the new majority owner, shares Kommunalkredit's strategic goal of capitalizing on Europe's green transition and digital transformation. We continue to believe that Kommunalkredit's concentrated business...
