Karl Stumke has announced his resignation from his position as Chief Executive Officer of the Bank of Maldives (BML), effective Sunday. The national bank confirmed the resignation in a statement released on Monday.

Stumke will continue to serve as CEO until the bank’s Extraordinary General Meeting (EGM) scheduled for September 21. During the interim period, Deputy CEO Aishath Noordeen will assume leadership responsibilities and manage the bank’s operations.

The Board of Directors has initiated the recruitment process to find a successor to Stumke. The search for a new CEO is underway, with the aim of ensuring a smooth transition and continued stability at the bank.