Nordea Reorganises Group Executive Management
Nordea has established three main business areas to become more flexible and increase the focus on capital and cost efficiency. Torsten Hagen Jørgensen and Peter Nyegaard have been appointed new members of group executive management as Peter Schütze retires.
The bank’s new organisation will be implemented by 1 June and builds on the value chain thinking that has been central in the Nordea operating model since 2007. The reorganisation is developed around the three main business areas:
All parts of the value chains – customer responsibility, support, products, staff and IT development – will be incorporated into these business areas with the clear objective to improve efficiency, increase return on equity (ROE) and deepen the customer relationships.
Peter Schütze has decided to use this opportunity – after 40 years in the bank and in the year he is turning 63 – to retire from Nordea. He has been part of group executive management since 2002 and head of Nordic banking since 2004. He has played a key role for Nordea as country senior executive in Denmark, both within the bank, towards customers and as a representative for Nordea in society.
The detailed planning of the new organisation will take place during May and be announced in the beginning of June 2011. Composition of Nordea’s group executive management from 1 June 2011 is as follows: