Denmark-headquartered Saxo Bank announced on Thursday the appointment of Mads Dorf Petersen as the permanent Group Chief Financial Officer. He has held the same role at an interim level since October, replacing Mette Ingeman Pedersen.

“On behalf of Saxo, I’m very happy to announce that Mads Dorf Petersen will continue in the role as CFO,” said the Founder and CEO of Saxo, Kim Fournais.

“Mads is an exceptional and positive person, a subject matter expert that is always curious to learn even more, and he is very well-liked and respected by his colleagues and team. His expertise and proven track record make him the ideal person to lead our financial and legal operations and help us achieve our strategic goals.”

Saxo Bank Promotes Mads Dorf Petersen to Long-Term Role

Petersen is a long-term executive at Saxo, spending about 14 years there. Before taking up the CFO role, Petersen was Saxo’s Head of Commercial Finance. He joined the company in March 2009 as the Head of Business Planning and Analysis and later took up other leadership roles.

“Mads knows Saxo in detail as he has been with us for more than 13 years and brings a deep understanding of both the business model, our strategy, and the finance and legal area, which will be core to our future growth journey,” Fournais added.

Petersen brings over two decades of industry experience to his new role at Saxo. Before joining the Copenhagen offices of the online trading services provider, he spent more than seven years at Copenhagen Airports A/S, where he joined as an Analyst and parted as the Chief Financial Executive.

Check out the recent London Summit interview with Saxo Bank's UK CEO, Charlie White Thomson.

Mads Dorf Petersen Promotion the Latest Development at Saxo Bank

Earlier this month, Saxo Bank ended its ambitions to become a public company by terminating its deal with a blank-check company, citing ‘timing’. If materialized, that deal would have listed Saxo shares on an Amsterdam-based stock exchange .

In addition, the trading company posted a 41 percent decline in the H1 2022 profits, which came in at DKK 302 million. The group generated DKK 214 billion in income for the period, which is almost 12 percent lower than the previous year.

However, Petersen is optimistic about the firm as he said: “Saxo is serving more clients than ever before, and we look forward to welcoming many more over the coming years. The fact that Saxo is a prudent, regulated, and well-capitalized financial institution is one of the foundations of our success, and we remain fully committed to being ahead of the curve on these crucial areas as we continue to grow and further scale our business.”

Meanwhile, Saxo witnessed a few other leadership-level changes. Its Chief Risk and Compliance Officer, Steen Blaafalk, recently announced his retirement but will continue to sit on the board of two Saxo subsidiaries. Last month, the UK subsidiary of Saxo Group onboarded Simon Camilleri as the new Chief Operating Officer.