Saxo Bank Undergoes Multiple Changes to its Executive Board

Saxo Bank has added two new individuals to its Board of Directors, whilst seeing the departure of Sarah McPhee.

Danish broker Saxo Bank has a made a series of changes to the composition of its Board of Directors, following a general meeting on December 16, 2015, according to a Saxo Bank statement.

First, Henrik Normann, the President and Chief Executive Officer (CEO) of Nordic Investment Bank (NIB), as well as a member of the Saxo’s Board back in April 2015, was elected as its newest Vice Chairman.

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In addition, Saxo’s Board elected Danny Oei as its newest member, who joins the group as an officer of Sinar Mas Group in Shanghai, China – Sinar Mas Group had previously acquired a 9.9% stake in Saxo Bank back in July 2015.

Finally, Sarah McPhee, a non-executive director on Saxo’s Board since 2014, has decided to relinquish her position to pursue other opportunities within the financial sector with immediate effect. Presently she also is a non-executive director on the board of Axel Johnson Inc.

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According to Lone Fønss Schrøder, Saxo Bank’s Chairman of the Board, in a recent statement on the board’s moves: “I would like to thank Sarah for her contribution to the Board over the past two years and are delighted to welcome Danny, who brings vast experience and knowledge of the Asian markets.”

“The Board looks forward to implementing and executing on Saxo Bank’s strategic ambition to continue to grow and lead in the digital trading space,” he added.

Following the meeting and the new changes, Saxo’s board composition is as follows:

  • Lone Fønss Schrøder, Chairman
  • Henrik Normann, Vice Chairman,
  • Jacob Polny
  • Thomas Plenborg
  • Asiff Hirji
  • Danny Oei
  • Karl Peterson, Alternate

Saxo Bank recently published its monthly client trading volumes for the month of November 2015. The group revealed volumes that had come out flat when compared to the previous month, marking $218 billion. The total monthly volumes figure had been remarkably consistent since August 2015 when it marked $220.4 billion.

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