Update regarding appointment of new chief executive

As previously announced, Danske Bank’s Board of Directors is currently recruiting a new chief executive officer to replace Thomas F. Borgen, who resigned his position in September and was relieved of his duties as of 1 October.

In this connection, Danske Bank’s Board of Directors has asked the Danish Financial Supervisory Authority (the FSA) for approval of Jacob Aarup-Andersen, Member of the Executive Board and Head of Wealth Management, as new CEO. The FSA’s preliminary assessment is that it considers the candidate well-qualified in many areas, but also finds that longer experience, including within certain of Danske Bank’s business areas, is needed. Danske Bank’s Board of Directors has noted the reply and has withdrawn the application. The Board will thus continue the search for a new CEO, and Jesper Nielsen will continue as Interim CEO until a permanent solution has been found.

“The Board of Directors unanimously backed Jacob Aarup-Andersen as new CEO, knowing full well that longer experience in certain areas would have been desirable,” says Ole Andersen, Chairman of the Board of Directors. “The Board has noted the FSA’s reply. The Board is in dialogue with other potential candidates and will now continue the recruitment process in order to find the best possible person for the position.”

Jacob Aarup-Andersen will continue in his current position as head of the Wealth Management unit and member of Danske Bank’s Executive Board.

“I am proud and happy that Danske Bank’s Board of Directors recommended me for the position as CEO, as it is a strong sign of recognition,” says Jacob Aarup-Andersen. “I have of course noted the FSA’s reply and their reasoning.”

Danske Bank does not at present wish to comment further on the appointment of a new CEO.

Danske Bank

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