(Bloomberg) -- Nordea Bank Abp said Chief Executive Officer Casper von Koskull will retire by the end of next year.
The lender's board has initiated the process of finding his successor, Helsinki-based Nordea said in a statement on Sunday. It plans to announce the exact timeline for the handover once the process is finalized. Nordea cited speculation in the market as a reason for announcing his retirement.
Von Koskull joined Nordea in 2010 and has been CEO since November 2015. He turns 60 in September 2020, and “has wished to make that the point of retirement following a long and intense career in banking,” Nordea said.
Nordea, the biggest bank in the Nordic region by revenue, has faced expressions of dissatisfaction from key shareholders, complaining that the lender has been slow to deliver on its turnaround strategy. The bank is cutting thousands of jobs and adding more automated functions in an effort to cut costs, but the program has so far failed to boost revenue.
Earlier this week, Nordea was eclipsed by DNB ASA in market value, after its shares lost more than 40 percent since a 2017 high.
DNB Eclipses Nordea as the Most Valued Bank of the Nordic Region
To contact the reporter on this story: Kati Pohjanpalo in Helsinki at kpohjanpalo@bloomberg.net
To contact the editors responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net, James Amott
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