Rabobank announced this on Friday. Draijer, 56, joined the bank’s board of directors in 2014, after a career as a consultant at McKinsey and chairman of the Social and Economic Council (SER). In 2018, he was appointed for a further four years.
So there is no third term. “I see the end of my second term in one year as a natural moment to make way for a successor. Until then, I will of course continue to commit myself with full commitment and dedication to the cooperative Rabobank.”
Paralyzed by Libor Fraud
Under Draijer’s leadership, Rabobank returned to calm waters after a few tumultuous years. For example, in the years before Draijer was at the helm, the bank was involved in the large-scale trade in loss-making derivatives. But the most painful was the so-called Libor fraud. It cost then CEO Piet Moerland his head.
The London interbank offered rate (Libor) is the interest rate at which banks lend money to each other worldwide. Bankers from sixteen different banks worldwide, including thirty from Rabobank, have conspired for years to manipulate this internationally widely used interest rate.
In 2013, Rabobank was fined a total of 774 million euros for fraud and poorly organized supervision. The bulk of this went to American and British regulators. The Dutch Public Prosecution Service received 70 million euros. That was the highest fine at the time.
Draijer’s greatest achievement is the transformation to a more centralized bank with more powers for the board of directors. Until 2015, Rabobank was a cooperative of more than a hundred banks, each with its own banking license and a high degree of autonomy.
Marjan Trompetter, chairman of the Supervisory Board of Rabobank, praises Draijer for his efforts. “He transformed Rabobank into a mission-driven, socially oriented and contemporary cooperative bank and as an inspiring and authentic leader he gave Rabobank a human face.”
It is not yet known what Draijer, also a prominent D66 member, will do in the future and who will succeed him. According to Trompetter, the timely announcement of Draijer’s departure gives the supervisory board enough time to find a successor.