Raiffeisen Picks Ex-CFO as New Chief to Solve Russia Dilemma (1)

Raiffeisen Bank International AG will appoint a former finance chief as its next chief executive officer after years of unsuccessful attempts to sell its Russian unit.

Michael Hoellererwill replace Johann Strobl, who has led the bank through a tumultuous period of geopolitics. Hoellerer, who was previously chief financial officer at Raiffeisen until leaving to run a regional lender in Austria, will be appointed CEO from July, the bank said in a statement Wednesday.

Hoellerer’s main task will be to a resolve a years-long dilemma with Raiffeisen’s Russian unit that has brought severe criticism for the bank.

Strobl vowed ...