Ricardo Salgado, the vice chairman of Banco Espirito, a private Portugese bank, has quit the NYSE Euronext board.
Ricardo Salgado, the vice chairman of Banco Espirito, a private Portugese bank, has quit the NYSE Euronext board after losing a majority of shareholder votes at the exchange operator’s annual meeting on Thursday.
The New York Times reports that Salgado was absent for 75 percent of the NYSE’s board meetings – a move that did not resonate well with shareholders.
His resignation comes at a time when the NYSE is trying to bounce back from losing its bruising battle with European regulators over its attempted merger with Deutsche Börse, an effort that called for more than two dozen meetings, last year.
According to the Times article, Jan-Michiel Hessels, NYSE chairman, said Salgado had a full plate helping his firm through the European crisis and ‘a number of joint meetings of the European Commission, the European Central Bank and the International Monetary Fund, as well as meetings of the Bank of Portugal and the Portuguese Banking Association, to implement the new requirements imposed on Portugal and its banking sector.’
These were the main reasons for Salgado’s absence from NYSE meetings.