COPENHAGEN: Denmark’s biggest bank, Danske Bank, yesterday ousted its chief executive, saying in a bluntly worded statement that the group needed a leader with stronger credentials in finance.
“The board of directors has assessed that — notwithstanding Eivind Kolding’s professional and personal qualities — it is, in this phase, necessary to have a chief executive officer with stronger qualifications within banking,” the bank said.
Kolding was replaced by Thomas Borgen, a Norwegian who until Monday was the bank’s head of corporate banking. “Thomas Borgen is an experienced and customer-oriented banker, who knows how to run a modern bank,” chairman Ole Andersen said.
“Thomas is well positioned to make a significant contribution to a renewal of the bank’s management culture so that the bank becomes more open, result-oriented and even more focused on the customers,” he added.
Danske Bank said its outlook for the current year remained unchanged. Kolding had spent 11 years on the company’s board before taking the helm last year.
During his tenure as chief executive he oversaw a major reorganisation of the bank, which has suffered from Denmark’s sluggish economy.
AFP
