Frank Vang-Jensen, who was only appointed to the role of CEO in March past year, is being replaced by Anders Bouvin, according to a statement published on Tuesday by Paer Boman, the bank’s chairman.
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Following an extensive analysis, the unanimous assessment of the board is that there should now be a change of group CEO, the bank said. Andrew Copsey’s most recent position was Head of Administration for Handelsbanken UK.
“All managers at Handelsbanken – particularly the branch managers – must have a very high degree of autonomy”, he said.
The board is replacing Mr. Vang-Jensen immediately with the bank’s head of its United Kingdom business, Anders Bouvin.
The Swedish bank revealed the board had reached a unanimous decision to give Vang-Jensen, who was appointed to his role past year, his marching orders.
Board chairman Par Boman described the move as being “purely related to the individual”.
In the issued pressmessage, chairman Pär Boman calls Vang-Jensen a good leader, but explains that he is wanting with respect to Handelsbanken’s corporate culture. “For the past ten years, he has worked at Handelsbanken in the United Kingdom, where he has built up a national branch network with stable finances, good profitability – and by far the most satisfied customers in the market”, said Boman.
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In the 18 months of Frank Vang-Jensen’s reign the bank’s stock price has fallen 10%.
