Nordea Bank announced on Thursday that it has appointed Frank Vang-Jensen as its new CEO and president and that he would start work immediately.
Vang-Jensen, 51, joined Nordea in 2017 as the head of personal banking and country senior executive in Denmark, according to a release.
The executive has a long career behind him in the bank and financial world, also serving as CEO of Swedish bank Handelsbanken, but resigned in 2016 after only 18 months at the post. Amidst Vang-Jensen's departure, Handelsbanken’s board chair Pär Boman explained that he did not live up to the demands of the job.
Outgoing CEO Casper von Koskull has led Nordea since 2015 and said he plans to stay with the bank until 2020 in order to ensure a smooth transition.
“Knowing Frank Vang-Jensen personally since 2017 and having worked closely with him, I am convinced that the board has made the right selection and that [he] will have the professional and personal skills to lead Nordea to the next level,” von Koskull said.
“Frank Vang-Jensen is an experienced professional capable of leading Nordea with immediate effect. We look forward to starting working with Frank Vang-Jensen to continue our journey towards growth and an improved customer experience,” Nordea board chair Torbjörn Magnusson said.
Shortly after the announcement of Vang-Jensen’s appointment Nordea’s share price increased by about three percent on the Helsinki Stock Exchange on Thursday morning.