Saxo Bank AG (Saxo Switzerland) has had a management shakeup today, following the announcement that its CEO Antonio Ferrante will be relinquishing his role and stepping down, according to a Saxo statement.
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Mr. Ferrante has been operating as Saxo Switzerland’s CEO since January 2015, having led its offices in Zurich and Geneva. Following the move, Saxo Switzerland has already moved to shore up the void, installing Patrick Hunger, the group’s acting Head of Legal & Compliance and member of the management board of Saxo Switzerland, as its interim CEO.
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Additionally, Saxo Switzerland has rolled out move changes to its regime, tapping Raj Mehra as its newest COO with immediate effect. Mr. Mehra is also a Saxo mainstay, serving presently as its Global Head of Processing & Business Process Offshoring in Saxo Bank A/S.
Finally, Saxo Switzerland will lean on Neil Browning, who has also moved into the role of Head of Commercial in Switzerland – Mr. Browning has been a mainstay at Saxo since 2002. Collectively, Saxo Switzerland’s CFO Michael Voellm, along with the new appointments of Mr. Hunger, Mehra, and Browning, will help steer the group moving forward.
According to Steen Blaafalk, Chairman of the Board of Directors at Saxo Switzerland, in a recent statement on the duality of moves: “We want to thank Antonio Ferrante for his time at Saxo Switzerland and wish him the very best for the future. Patrick Hunger has strong competencies within the financial sector as a whole and in depth knowledge about Saxo Bank’s unique business and role as a facilitator. Together with the new Leadership Team Patrick will ensure the continuation of the positive development in terms of product offering and profitability since Q2-2015 into this year.”
The Saxo appointments follow after an earlier move this month in which Thomas Jegu was promoted to the role of CEO to succeed the founder of the Saxo Banque France Pierre-Antoine Dusoulier, Saxo’s French unit.