Handelsbanken Replaces CEO Citing ‘Complex’ Job Requirements

Svenska Handelsbanken AB removed its chief executive officer and said the top role at the bank has become so complex that a traditional management profile was no longer adequate. Frank Vang-Jensen, who was only appointed to the role of CEO in March last year, is being replaced by Anders Bouvin, according to a statement published on Tuesday by Paer Boman, the bank’s chairman. The changes are to take effect immediately. “It’s a very surprising move” particularly given that it’s the “second CEO change within 1 1/2 years,” said Andreas Hakansson, an analyst at Exane BNP Paribas in Stockholm. “That’s a major, major change” considering that “Handelsbanken is known for being a very stable, long-term focused bank. So that frequency of changes is a very big surprise.”