Saxo Bank, the online trading and investment specialist, announced today, after its board meeting, the Bank’s new Chairman of the Board. Dennis Malamatinas, currently Deputy Chairman of the Board, takes over from Kurt K. Larsen who has been chairman since 2010.
Dennis Malamatinas became a member of the board of Saxo Bank in 2007. He has a MBA from the University of Chicago and has previously been the global head of Smirnoff Vodka, Burger King Corporation and Priceline Europe Ltd. In 2002, he co-founded Marfin Bank and later became CEO. More recently in 2007, he co-founded MIG (Marfin Investment Group), which he headed until 2012.
Kurt K. Larsen, CEO of the international transport group DSV for many years and currently the Group’s chairman, remains a member of the board.
Kurt K. Larsen says:
“Saxo Bank already meets the Danish FSA’s reasonable proposals for stricter requirements for boards of Danish financial companies, and it is to follow the spirit of the proposals I have decided to step down as Chairman of Saxo Bank. My main strength in corporate governance has been organisational structure and operations not specific to banking operations, and therefore it is appropriate that Dennis Malamatinas with his broad and deep knowledge of the financial sector becomes chairman. I am glad to remain on the board of Saxo Bank, one of the most innovative and interesting companies I know of.”
Asiff S. Hirji, Partner at TPG Capital, will assume the role of deputy chairman. TPG Capital acquired 30 per cent of Saxo Bank in 2011. As previously announced, the founders of Saxo Bank, Kim Fournais and Lars Seier Christensen, still holds majority ownership of Saxo Bank. Fournais Holding A/S and Lars Seier Christensen Holding A/S own 29.95% of the Bank each.
Saxo Bank’s board of directors will now comprise:
- Chairman Dennis Malamatinas
- Deputy chairman Asiff S. Hirji, Partner at TPG Capital
- Kurt K. Larsen, Chairman of the Board of DSV
- Professor Thomas Plenborg
- Karl I. Peterson, Partner at TPG Capital
- Jacob Polny (alternate), Principal at TPG Capital