Saxo Bank, the online trading and investment specialist, today announced its new management team following the recent review of the bank's operations.
Kim Fournais and Lars Seier Christensen remain joint Chief Executive Officers. They will be supported by an Executive Management Group and a Senior Management Group in the strategic planning and execution of the bank's activities.
"We are confident that the reorganization of the management function at Saxo Bank provides a strong platform for the future growth of the bank as it moves into the next stage of its development," said Saxo Bank's founders and co-CEOs Kim Fournais and Lars Seier Christensen in a joint statement. "The rationalization of our business operations will require strong leadership and effective management if we are to fully realize the potential of the organization."
The Executive Management Group will consist of the Chief Executive Director Eric Rylberg and the Deputy Chief Executive Director Karsten Poulsen as well as the Chief Commercial Officer, the Head of Markets, Head of Group IT and Operations and CFO.
Group CCO Torben Kaaber will be the Group Chief Commercial Officer and head Saxo Bank's sales organisation, having been one of Saxo Bank's earliest employees. Claus Nielsen will be Head of Markets. Having joined Saxo Bank in 2003 Mr. Nielsen will co-ordinate all of Saxo Bank's trading activities. Head of Group IT and Operations Tore Fribert joined Saxo Bank in 2006. Mr. Fribert has 13 years of experience in General Management, IT Operations, IT Development and Information Security.
Finally, the new CFO, Karina Deacon, joins Saxo Bank December 2008. She is currently Senior Director at A.P. Møller Maersk. Previously, she had various positions in ISS A/S including being head of Corporate Finance & Control, Investor Relations and Corporate Affairs, before moving to Landic Property A/S in 2006 where she worked as CFO.
The Senior Management Group will report directly to the CED office and will comprise the Head of Group Human Resources, Head of Corporate Affairs, Chief Investment Officer, Head of Group Treasury and Head of Strateggic Business Solutions and Head of Danish Pensions.
Having joined Saxo Bank in 2006 from A.P. Møller Maersk, Dion Sørensen will be Head of Group Human Resources. Tue Mortensen has been appointed Head of Corporate Affairs, having joined Saxo Bank in 2007 from an operational management role at ISS. Highly-regarded financial analyst and market strategist Steen Jakobsen, who joined Saxo Bank in 2000, will remain Chief Investment Officer but joins the senior management group in order to strengthen the company's trading, market analysis and market-making functions.
The new Head of Group Treasury will be Lars Thoers. Mr. Thoers has a strong financial background at Aros Securities and Unibank (now Nordea), and spent nine years with Denmark's PFA Pension where he recently worked as Vice President and Head of Equities.
Tobias Straessle will be Head of Strategic Business Solutions. Mr. Straessle joined Saxo Bank in October 2006 after a 16-year career in global senior IT executive roles with the UBS investment bank. Henrik Vad, who joined the bank in March 2008 from Skandiabanken A/S, where he was CEO, will assume the responsibility of establishing a new business unit with the aim of enabling Danish clients to invest their pension funds.
The review of the bank's operations comes on top of a very good year for Saxo Bank. Saxo Bank's operating profits before tax for the first six months of 2008 increased to EUR 21.7 million and market fluctuations in August and September have positively affected the bank's earnings. In contrast to most banks, Saxo Bank is not dependent on a loan financing business, an advantage in these turbulent times. In order to trade with Saxo Bank, clients are required to have a minimum of EUR 7500 in funds, and the bank does not offer traditional loans to its clients. Saxo Bank's assets predominantly comprise deposits in central banks, short-term bonds and other securities.