Attributing “the extraordinary developments over the past few months and given his personal condition,” ING reports that Michel Tilmant will step down from the Executive Board as of today. Tilmant will be an advisor to the company until his retirement from ING on August 1, 2009. ING did not elaborate on Tilmant’s condition.

The Supervisory Board has decided to appoint Jan Hommen, currently chairman of the Supervisory Board of ING Group, as CEO of ING Group, subject to his appointment as member of the Executive Board by the annual General Meeting of Shareholders (GMS). This meeting is scheduled for April 27, 2009. Until the GMS, Hommen will be closely involved in the day-to-day operations of ING and work alongside the Executive Board in anticipation of his official appointment as CEO.

Hommen was appointed to the Supervisory Board of ING Group June 1, 2005. An experienced international business leader, his background includes vice-chairman and CFO of the Board of Management of Royal Philips Electronics, CFO at the Aluminum Company of America (Alcoa). He became chairman of the Supervisory Board of ING Group in January 2008.

As of today, Eric Boyer, member of the Executive Board since 2004, will be acting-CEO until Hommen can formally take over after the GMS.

“Michel has been a member of the Executive Board of ING Group for many years, and a formidable CEO since 2004,” Hommen says. “Under his leadership, ING has made major steps in its development as a successful player in the financial services industry. Michel has built a very good team around him, and continuity of management is therefore secured. I am confident that we will continue to steer ING successfully through today’s very challenging environment.”

The Supervisory Board has decided to appoint Peter Elverding as Hommen’s successor as chairman of the Supervisory Board effective after the GMS in April 2009. In light of this appointment, the Dutch state will nominate another member for the Supervisory Board.

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