Handelsbanken CEO: “Didn’t meet the mark”

After Handelsbanken’s CEO Frank Vang-Jensen was unexpectedly fired yesterday following only 17 months in the post, chair Pär Boman addressed a press conference to answer why.

The main issue was the bank’s decentralised business model with strong and self-sufficient branches. “Being in charge of Handelsbanken and leading other self-sufficient managers is a very different kind of leadership compared to many other companies,” he said.

Frank Vang-Jensen, as well as planning to reduce the number of branches from 463 to 400, tried to centralise the bank’s operations more than local branch managers could accept. Boman also said, “Frank quite simply didn’t meet the mark to be CEO at Handelsbanken.”

Anders Bouvin, with over 30 years of experience at Handelsbanken, is taking over as CEO.