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04/08/2008: Saxo Bank Announces New Top Leadership Team

Copenhagen, 04 August: In an organizational restructuring of its top management, Saxo Bank has appointed Eric Rylberg and Karsten Poulsen to two new positions as Chief Executive Director and Deputy Chief Executive Director. While remaining joint CEOs and keeping all formal responsibilities, Kim Fournais and Lars Seier Christensen will leave the daily tasks of running the bank to the two new appointees with the Senior Executive Management group reporting to them.

Staying above the minutia of the daily operation, Kim Fournais and Lars Seier Christensen will focus on the strategic direction of Saxo Bank with growth and expansion as their primary interest and responsibility.

"Saxo Bank has reached a point and a size at which it seems natural to recruit two experienced professionals who have been accustomed to running a big international corporation," the two CEOs said in a joint statement. "We are by no means retiring, but by realizing an old plan, we are only disengaging ourselves from the routines of the day-to-day operation, and will, of course, remain as involved in developing the bank as always."

In choosing Rylberg and Poulsen for the new positions, Fournais and Seier Christensen focused on their established track record and extraordinary experience with streamlining and developing very efficient and profitable businesses. It has provided them with a set of professional competencies and skills that are particularly useful for Saxo Bank at this stage of its development.

"We simply need their help to get to the next stage ‐ transforming Saxo Bank into a truly global operation,” the two CEOs said. “We have experienced rapid growth from 437 employees by the end of 2005 to almost 1400 today. To get Rylberg and Poulsen on board and let them streamline and optimize our global operation just seems to be the perfect match for us."

Rylberg og Poulsen were introduced to the Senior Executive Management group earlier today and will be meeting with staff in Copenhagen and Saxo Bank's regional offices around the world over the next few weeks.

"We have followed the growth and development of Saxo Bank closely and I can only say that I feel privileged that I, together with Karsten Poulsen, have been asked to guide the bank through the next stages of its future growth and development," Eric Rylberg said. "Saxo Bank is already now in a league of its own, and I see tremendous potential in an organization that in such a short time has become a leader in its field. Our task will be to consolidate the organisation and secure the bank's position as a leader and trend setter in the global capital markets."

As the former CEO and CFO of ISS, a global service company with more than 300000 employees, Rylberg and Poulsen won wide recognition as two of the leading Danish executives and entrepreneurs who played a key role in the successful development of ISS.

Eric Rylberg (51), has had a distinguished career as an executive in Danish corporate life and is best known for his years at ISS, as CFO from 1997 to 2000, and CEO from 2000 to 2006. Karsten Poulsen (44) worked with Rylberg at ISS as Executive Vice President from 1998 to 2002, Group CFO from 2002 to 2005 and Group CTO from 2005 to 2006. In 2007, he became a member of the Management Board of Keops A/S and was appointed CEO.

With Rylberg and Poulsen on board, Kim Fournais and Lars Seier Christensen will devote themselves to strategy, vision and expansion. While the new management team will take care of implementation and execution, they will also participate in shaping Saxo Bank's future strategy.

"Saxo Bank has been our life for 16 years and it's now doing better than ever," the two CEOs said in their joint statement. "We are convinced that this is the best timing for a planned change of command. With this new leader team at the top, we want to transform the company and consolidate its position as a leader in the global capital markets.”

The appointments will take effect immediately and Rylberg and Poulsen will take possession of their offices in Saxo Bank's new headquarters in Tuborg Havn, a recently developed commercial and residential part of Copenhagen Harbor.



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