ABN AMRO to the intention of appoint a new board of directors members, simplifies organizational setup
In order to further strengthen the execution of its strategy and serve its clients as a personal bank in the digital age, ABN AMRO is simplifying its organizational setup and intends to appoint new members of the Management Board. Three customer units organized into segments will replace the four current businesses.
Choy van der Hooft-Cheong (1971) and Dan Dorner (1976) will be appointed new members of the Management Board, both as Chief Commercial Officers (CCO). Choy van der Hooft-Cheong will lead the new Wealth Management client unit. Dan Dorner will lead the new Corporate Banking client unit. An executive search process has been initiated to fill the vacant CCO position for the third new Personal & Business Banking client unit. With these appointments and changes in organizational and business setup, ABN AMRO is entering the next phase of building personal banking in the digital age. Nominations are subject to regulatory approval.
Choy van der Hooft-Cheong has extensive experience with ABN AMRO as a respected and effective senior executive in the areas of corporate banking and private banking. She has proven to be a highly collaborative relationship builder with a clear focus on strategy execution. Dan Dorner also has a long and successful experience in management positions within ABN AMRO. He combines a strong execution-oriented mindset with international experience and an exceptional reputation among clients, employees and regulators of the bank.
Robert Swaak, CEO: “We are making good progress in executing our personal banking strategy in the digital age, with our strategic pillars – customer experience, sustainability and sustainable banking – serving as guiding principles. Our relationships of trust with our clients allow us to support them at all important financial stages of their lives and to develop our business profitably in attractive client segments in North West Europe. We offer a practical everyday banking experience that is increasingly digital. In important moments, we support our clients with sectoral and sustainable expertise. To better serve our customers and in line with our goal, Bank for better, for generations to come, we are building a sustainable bank, digital by design. We achieve this by simplifying and rigorously centralizing our operating model, further strengthened by a simplified organization.
In order to better align the bank’s structure with these ambitions, ABN AMRO will replace the four current businesses (Retail Banking, Private Banking, Commercial Banking and Corporate & Institutional Banking) with three units organized around customer segments:
- Banking services for individuals and businesses: This client unit serves retail and corporate clients with banking and partner offerings, providing the convenience of digital interactions and access to expertise when it matters most.
- Wealth management: Wealth Management offers exceptional expertise with tailor-made value propositions for high net worth clients, focusing on investment advice, financial planning and real estate financing.
- Corporate banking: This expertise-based client unit offers tailor-made financing, capital structuring and banking transaction solutions for medium and large companies and financial institutions. Corporate Banking also offers Entrepreneur & Enterprise as a bank-wide service concept for corporates and high net worth clients, in close collaboration with Wealth Management.
As part of the new simplified organization, the existing Executive Committee (ExCo) will cease to exist in favor of an enlarged composition of the Management Board (ExBO), simplifying the bank’s management structure. The new Executive Board will be composed of:
- Robert Swaak (Managing Director)
- Choy van der Hooft-Cheong (Commercial Director of Wealth Management)
- Dan Dorner (Commercial Director Corporate Banking)
- Vacant position (Personal & Business Sales Director)
- Lars Kramer (Chief Financial Officer)
- Christian Bornfeld (Innovation & Technology Director)
- Tanja Cuppen (Chief Risk Officer)
- Gerard Penning (Director of Human Resources)
The current CEOs of Private Banking and Retail Banking, Pieter van Mierlo and Frans van der Horst, will be leaving the ExCo at the same time as the end of their mandates. The current CEO of Corporate & Institutional Banking, Rutger van Nouhuijs, has announced that he will continue his career outside of ABN AMRO and that he will hand over his interim responsibilities to Dan Dorner, the future CCO of Corporate Banking, in order to ” ensure a smooth transition. .
Robert Swaak, CEO: “With the departure of Rutger van Nouhuijs and the end of the terms of Frans van der Horst and Pieter van Mierlo as members of the ExCo, we will say goodbye to three incredibly dedicated colleagues. They have all used their years of experience over the past period to ensure that the right decisions are made and have remained committed to the strategic choices made – an attitude that inspires us all.
On November 24, 2021 at 3:00 p.m. CET, ABN AMRO will hold an Extraordinary General Meeting (EGM) to discuss the change in the bank’s corporate governance structure and the proposed appointments of Choy van der Hooft-Cheong, Dan Dorner and Gerard Penning within the Management Board. members.
For the full EGM agenda and meeting documents, please visit: www.abnamro.com/generalmeeting
This press release is published by ABN AMRO Bank NV and contains inside information within the meaning of Article 7 (1) to (4) of Regulation (EU) No. 596/2014 (Market Abuse Regulation)
20211011 ABN AMRO intends to appoint new board members, simplifies organizational setup