Karl Stumke, Chief Executive Officer of the Bank of Maldives (BML), has officially resigned, according to a statement released by the bank today. Stumke, who submitted his resignation yesterday, will continue in his role until the bank’s Extraordinary General Meeting (EGM) on September 21, 2024.
During the interim period, Deputy CEO Aishath Noordeen will assume responsibility for overseeing BML’s operations as the board initiates the search for Stumke’s successor.
“The Board of Directors will begin the recruitment process to find a successor,” BML confirmed in the announcement. The bank is expected to provide further updates following the EGM as it navigates this leadership transition.
Stumke’s resignation comes at a time when BML has been grappling with significant public criticism over its handling of customer complaints and internal mismanagement. Ongoing issues, such as its failure to prevent financial scams and inconsistent responses to operational errors, have led to a decline in public trust. The bank has been under pressure to address these concerns and restore its credibility as the nation’s leading financial institution.
