Continuing to reshape its senior management team after control of the company passed to China’s Geely Group, Copenhagen based Retail FX broker Saxo Bank has announced two changes to the Board of Management, involving two current executives at the company.
The latest changes include:
- Board of Management member Søren Kyhl has been promoted to Deputy CEO while he continues in his role as COO.
- Damian Bunce has been appointed member of the Board of Management with the new title of Chief Commercial Officer.
Damian Bunce had joined Saxo Bank earlier this year from Sberbank, as Chief Client Officer.
Members of the Board of Management are appointed by the Board of Directors. The Board of Management now consists of CEO Kim Fournais, Deputy CEO and COO Søren Kyhl, CFRO Steen Blaafalk and CCO Damian Bunce.
The company said that the changes strengthen Saxo Bank’s leadership and accountability in the Board of Management in relation to clients, shareholders, Board of Directors, regulators and employees.
With Damian Bunce as a new member of the Board of Management, Saxo said that it further increases the essential client and commercial focus. The promotion of Søren Kyhl to the newly established role as Deputy CEO adds even more firepower to Saxo’s strategy execution and provides a steadfast long-term leadership of the Bank. As Deputy CEO and COO, Søren is the natural and logical interim successor to Kim Fournais should that become necessary.
The moves come just a week after Saxo Bank hired Lars Kufall Beck from ISS Group as the company’s new CFO.
Kim Fournais commented:
I am proud and satisfied that Søren has been appointed Deputy CEO and that Damian will join our Board of Management. The appointments reflect their excellent skills, knowledge, attitude, motivation and high importance to the Bank and our future growth journey. With these changes we ensure clarity, focus and accountability and the changes allow me to focus on constantly improving and executing the strategy for Saxo Bank while building a world-class team and organisation.
Søren is a very natural and competent Deputy CEO that I trust to run certain important strategic priorities. These changes will further strengthen and professionalise Saxo and I am proud to be leading such a unique team. I am more passionate and fired up than ever to ensure that Saxo will prevail and become the fastest growing financial institution within traders, investors and wholesale partners. This is therefore not a retirement plan for me but an upgrade of our leadership capabilities, better supporting our fiduciary duties as well as creating a natural deputy function for me and Saxo going forward.
The Executive Team will continue to be the global executive leadership team in Saxo Bank. Besides from the Board of Management members, it consists of CIO Ashok Kalyanswamy and CHRO Stig Christensen.