Danske Bank isn’t pulling punches about why it decided to kick Eivind Kolding to the curb.
“The board of directors has assessed that, notwithstanding Eivind Kolding’s professional and personal qualities, it is in this phase necessary to have a CEO with stronger qualifications within banking,” Chairman Ole Andersen said in the statement.
Since being dragged through housing bubbles in Ireland and Denmark, Danske has met rising capital requirements and record-low interest rates with cost cuts. Under Kolding, who led A.P. Moeller-Maersk A/S’s container shipping unit before becoming CEO at Danske, the bank introduced a pricing model to reward customers with the most business there. The plan, and an advertising campaign to promote it, was slammed by local media and Danske in June fired its head of communications, Eva Hald….
Borgen, 49, “is an experienced and customer-oriented banker, who knows how to run a modern bank,” Andersen said. He has “a strong focus on goal-oriented execution in close collaboration with the board of directors, the executive management and the employees.”