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Danske bank forces out its CEO as Management change eminent in the bank

Monday, 16 September 2013
Danske Bank's Board of Directors has appointed Thomas F. Borgen as new CEO of the company, replacing Eivind Kolding whom the board thinks he does not have the required qualities to continue the banking operations.

Eivind Kolding, who has been on Danske’s board for 11 years including one as chairman before becoming chief executive in 2012, raised questions about the direction and strategy of the bank.

Among other difficulties such as the institution of the bank account payment, the bank has also become embroiled in a dispute with the Danish Financial Supervisory Authority about the amount of capital it needs to hold, thereby questioning the management’s credibility.Danske Bank

"We are now in a phase where it is about transforming the bank to make it more customer-oriented. The board wishes that the management and organization executes to quickly put on all parameters to ensure increased competitiveness and profitability. The board believes that, despite Eivind Kolding's many professional and human qualities, at this stage it is necessary to have a president with deeper banking service skills. Therefore, we have appointed Thomas F. Borgen as the new president, "the bank's chairman Ole Andersen said.

The Board emphasizes that the change of CEO does not have to do with the bank's financial performance. Earnings forecasts for the current year is unchanged.
Thomas F Borgen has been with the bank since 1997, most recently Head of Corporate & Institutional Banking.

“Thomas Borgen is an experienced and customer-orientated banker, who knows how to run a modern bank,” said Ole Andersen, Danske’s chairman.

Eivind Kolding was appointed CEO in February 2012, after serving in Danske Bank's Board of Directors since 2001. He has also been chairman of the bank and driving the phase where Danske Bank's new strategy was developed.
By Scancomark.com Team

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