JUST NOW: Werner Hoyer, president of the European Investment Bank (EIB) since 2012, has formally announced his departure after more than a decade in..read more..
Werner Hoyer, president of the European Investment Bank (EIB) since 2012, has formally announced his departure after more than a decade in this role. He is scheduled to step down at the end of this year, marking the end of a tenure characterized by significant developments, particularly in green financing and climate initiatives. Hoyer was instrumental in steering the EIB toward becoming a “climate bank,” with initiatives like the 2019 commitment to provide €1 trillion in sustainable investments by 2030 and phase out funding for fossil fuel projects. His leadership has helped place the EIB at the forefront of Europe’s green transformation efforts.
Hoyer’s departure comes amid a complex and transitional time for the bank, as it pivots to new priorities under its incoming president, Nadia Calviño. The former Spanish finance minister, Calviño, has been appointed to succeed Hoyer starting in January 2024, following a competitive selection process against Margrethe Vestager, the EU’s digital chief, who withdrew her candidacy. Calviño is expected to emphasize climate finance and address European infrastructure needs, with a key focus on rebuilding efforts in Ukraine.
Hoyer’s legacy at the EIB, however, has recently been marred by controversy. An ongoing investigation by the European Public Prosecutor’s Office (EPPO) has raised allegations concerning a €1 million severance settlement signed during his presidency for a senior EIB official, Henry von Blumenthal. Hoyer has denied any wrongdoing, calling the allegations “absurd” and affirming his commitment to full cooperation with the investigation. Despite this, the probe has added an unexpected and challenging chapter to his otherwise impactful career .
