Saxo Bank co-founder steps down

22 September,, Lagos – Lars Seier Christensen co-founder and co-CEO of the Danish online trading company Saxo Bank, has announced that he will relinquish his position as co-CEO of the firm, effective from next year. This will prompt fellow co-founder Kim Fournais as the sole CEO of Saxo bank.

After his departure, the management of the firm will get restructured to include the position of Chief Operating Officer (COO), with Søren Kyhl to be appointed for this role. The Danish bank’s board of management will then be embodied by CEO Kim Fournais, CFO Steen Blaafalk and COO Søren Kyhl.

In response, Kim Fournais has also commented on the departure of Mr. Seier Christensen: “Lars and I have had a strong partnership since we founded the company together in 1992 and we will continue the partnership as shareholders in Saxo Bank. There is full confidence in the growth strategy within the private and institutional segments and not least in developing the best technology to support our global multi-asset product offerings.”

Maintaining of 26% stake in Saxo Bank

As Saxo Bank co-founder steps down, Mr. Seier Christensen will maintain his 26 percent stake in the company after his departure. He became an investor in the firm in 1992 and a co-CEO in 1995. The decision for a step back is clarified by him as follow: “It has been a wish of mine for a considerable period and I believe now is the right time. I step down as co-CEO with a firm belief in future success for Saxo Bank, in which I also privately have an interest as a shareholder.”

Saxo Bank is one of the leading players in global online trading, providing both private and institutional clients with a multi asset trading platform. The firm was also one of the badly hit casualties of the historic SNB black swan event earlier this year. But the firm was able to weather the storm to come out strong.

Long-term strategy for IPO remains

According to the co.CEO, Kim Fournais, the firm has fortified its capital base, also adding profiles with significant qualifications and expertise to both the Board of Directors and the Board of Management. He said: “We experience a growing interest in Saxo Bank’s business model and the long-term strategy of an IPO remains unchanged”.

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