Changes to executive team, Board of Management, and Board of Directors following the completion of J. Safra Sarasin Group's acquisition of a majority stake in Saxo Bank
Today, it has been announced that J. Safra Sarasin Group completed the acquisition of a majority stake in Saxo Bank. Following the acquisition, changes are being implemented in Saxo Bank’s executive team, Board of Management, and Board of Directors.
Kim Fournais, CEO and Founder, will step down as CEO to chair the Board of Directors. As Kim Fournais moves into his new role, Saxo Bank is pleased to announce the appointment of Daniel Belfer as its new CEO. Daniel Belfer joins from a role as CEO of Bank J. Safra Sarasin and has nearly three decades of experience in the financial industry, 26 of which have been devoted to the J. Safra Sarasin Group. Kim Fournais and Daniel Belfer will assume their new roles with immediate effect.
In addition, the following changes to Saxo Bank’s governance structure will be implemented with immediate effect:
Henrik Juel Villberg, currently Deputy COO and Head of Group Client Journeys, who has worked in Saxo Bank for more than 20 years, will be appointed Deputy CEO, remain Head of Group Client Journeys, and enter Saxo Bank’s Board of Management. Julio Carloto, current COO Asia at J. Safra Sarasin in Singapore, will take on the role as Chief Risk and Compliance Officer at Saxo Bank. He will also join the Board of Management. Rahool Suhas Joshi, CTO of Saxo Bank, will, apart from continuing in this role, enter Saxo Bank’s executive team, reporting to the CEO. Going forward, Saxo Bank’s Board of Management will consist of Daniel Belfer, CEO, Henrik Juel Villberg, Deputy CEO, Mads Dorf Petersen, CFO, and Julio Carloto, CRCO.
Following these changes, Søren Kyhl, previous Deputy CEO and COO, and John Carmichael, previous Chief Risk and Compliance Officer, will be leaving their roles and stepping down from their positions on the Board of Management to explore new opportunities outside the bank. Both executives will leave Saxo Bank with immediate effect. Saxo Bank thanks them for their leadership and their significant and longstanding contributions to the company, wishing them the best of luck in their future endeavours.
With the conclusion of the transaction, Henrik Andersen, Kari Stadigh, Patrick Lapveteläinen, Joe Quan Zhang, and Minz Zhongxia Ding will resign from the Board of Directors. Kim Fournais (Chairman), Marcelo Szerman (Vice Chairman), Stéphane Astruc, Salomon Sebban, Laurent Schyns, and Luiz Cordeiro have entered Saxo Bank’s Board of Directors, each for the period until the next annual general meeting. Henrik Normann will continue in the Board of Directors along with Saxo Bank’s three employeeelected Board members: Anna Brun-Falkencrone, Eldert Duin, and Ida Johannesen.
Commenting on the changes to Saxo’s executive team, Board of Management and Board of Directors, Kim Fournais, Chairman and Founder of Saxo Bank, said:
"Today marks a significant milestone for all of us at Saxo - our employees, shareholders, clients, partners, and me personally. Over the past year, we have worked tirelessly to reach this moment where we can warmly welcome J. Safra Sarasin Group as Saxo’s new majority shareholder. I am filled with pride and assurance knowing Saxo Bank has found its ideal long-term owner.
I want to extend my heartfelt gratitude to Søren Kyhl and John Carmichael for their invaluable contributions over the years. Their leadership has been a cornerstone in shaping our culture, bringing people together, and supporting Saxonians in communication, collaboration, and execution. We wish them every success in their future endeavours.
I also want to express my appreciation to the departing members of the Board of Directors - Kari Stadigh, Patrick Lapveteläinen, Joe Quan Zhang, Minz Zhongxia Ding from Mandatum and Geely, and Henrik Andersen. Their support has been greatly valued. As we welcome Saxo Bank’s new majority shareholder, we remain committed to our mission of delivering best-in-class investing and trading platforms to get more curious people invested in the world."