FMO's Chief Executive Officer and Chairman of the Management Board, Nanno Kleiterp, has announced his departure from the Dutch development bank.

He will step down on October 1, 2016 - the date when his second 4 year term as CEO comes to an end.

Kleiterp serves on the Management Board for 21 years, first as Chief Financial Officer (CFO) and Chief Investment Officer (CIO) and more recently, since October 1, 2008, as CEO.

He started his career with FMO 29 years ago, in 1987, as an Investment Officer at the SME department.

Later, he served as Manager of the SME department and eventually moved to FMO’s Latin America Department.

Prior to joining FMO, Kleiterp gained experience in credit programs for the private sector while working for nearly 10 years in Peru, Mexico and Nicaragua.

Currently, Kleiterp is also Chairman of the Board of IUCN NL (International Union for Conservation of Nature) and of the NCC (Natural Capital Coalition).

Furthermore, he has a seat in the Advisory Board of ISS (International Institute of Social Studies), in the Advisory Council of AIF (Amsterdam Institute of Finance), and he is Chairman of the Advisory Board of VBDO (Dutch Association of Investors for Sustainable Development).

He is also Chairman of the Board of EDFI (European Development Finance Institution).

The Supervisory Board has commenced a search process to recruit a new CEO.

"An official announcement on the appointment of a new CEO will be made once this process, which includes obtaining all necessary regulatory approvals, is completed," said FMO in the statement.