Rabobank chairman Piet Moerland is stepping down next year when he reaches the age of 65. Moerland made the announcement at a Rabobank AGM in Utrecht on Thursday.

According to the Financieele Dagblad, Moerland was asked to stay on by new supervisory board chairman Wout Dekker. Dekker has just replaced Lense Koopmans, 70, who stood down after 11 years in the job.

The paper says Moerland decided to go because ‘the most important work will be done by the end of next year’. This project involves standardising the processes and products at all 135 branches of the cooperative Rabobank.

The paper says it is considered a risky strategy if two important board members leave around the same time. Nevertheless, Moerland’s leadership has been under discussion and criticised for a lack of drive, the paper said.