One of the co-founders and the co-CEO of Saxo Bank, Lars Seier Christensen, has announced that he will be stepping down from the company's board of management. While remaining a shareholder, starting from next year, Mr Christensen will be leaving the company, with Kim Fournais becoming the sole CEO of the Danish Multi-Asset brokerage.
The company's senior management will be restructured with the creation of a new role of Chief Operating Officer (COO). Starting from January 1st 2016, Saxo Bank's Board of Management will include CEO Kim Fournais, CFO Steen Blaafalk and Søren Kyhl who will be appointed as COO.
Mr Christensen became the co-CEO of Saxo Bank in 1995 after becoming an investor in the company back in 1992. He will remain as a shareholder with his stake currently standing at 26 per cent.
Commenting on the announcement, he said, "I had never imagined that I would stay on as CEO in the same company for 20 years, but it has been an amazing journey together with the skilled and talented employees in Saxo Bank."
"Saxo Bank is a mature company with a continued significant potential, there is consensus concerning the business strategy and a strong management team is in place. To step back into a different role has been a wish of mine for a considerable period and I believe now is the right time. I step down as co-CEO with a firm belief in future success for Saxo Bank, in which I also privately have an interest as a shareholder," he added.
We experience a growing interest in Saxo Bank’s business model and the long-term strategy of an IPO remains unchanged
The upcoming sole CEO of the company, Kim Fournais, explained, "Lars and I have had a strong partnership since we founded the company together in 1992 and we will continue the partnership as shareholders in Saxo Bank. There is full confidence in the growth strategy within the private and institutional segments and not least in developing the best technology to support our global multi-asset product offerings.
Saxo Bank has strengthened its capital base and added profiles with significant qualifications and expertise to both the Board of Directors and the Board of Management. We experience a growing interest in Saxo Bank’s business model and the long-term strategy of an IPO remains unchanged," he concluded.
