Swedbank board dumps CEO

Swedbank, the Swedish bank, has announced the departure of CEO Michael Wolf – explained as a change “made on the board’s initiative”.

Wolf has been offered a notice period of 12 months, which will pay 75% of his salary, as well as an additional 75% in severence payment against his current stated salary of SEK13m (€1.4m). However, the amounts will be deducted against any “income earned from new employment”.

The board announced that a recruitment process has begun for a new CEO. In the meantime Birgitte Bonnesen will be acting CEO, in addition to retaining her current role as head of Swedish Banking.

“A new CEO will be presented as soon as possible,” the board stated.

“Michael Wolf has been successful and inspiring in leading Swedbank to its current position as one of Europe’s strongest banks, with lower risk and sustainable earning capacity. [Michael] Wolf deserves our profound appreciation for this. But the board deems that it is time for new leadership and a new CEO who can take Swedbank to the next level,” according to a statement from Anders Sundström, chair of the board of directors, which was released by the bank.

Swedbank claims some 7.2 million private banking customers and 600,000 corporate and other customers, which “makes us Sweden’s largest bank in terms of number of customers”.

Through Swedbank Robur it can also claim to be one of the biggest Nordic asset managers in terms of the number of funds it offers and market share in the region’s biggest fund market Sweden.

 

 

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

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