Nordea Bank Proposes Stephen Hester as New Chairman

By Dominic Chopping

Nordea Bank Abp said late Thursday that Stephen Hester has been proposed to be appointed to the board of directors effective at the next annual general meeting in March, and as chairman of the board effective Oct. 1.

Torbjorn Magnusson has been proposed to continue in the role of chairman until Sept. 30, and thereafter as an ordinary member of the board, the bank said.

The bank said its board of directors is expected to propose that Mr. Hester serve as vice chairman from March 24 until Sept. 30, and that Mr. Magnusson serve as vice chairman from Oct. 1 until the 2023 annual general meeting.

Mr. Hester spent 17 years as chief executive of three FTSE 100 companies including Royal Bank of Scotland and RSA Insurance, the owner of Trygg Hansa in Sweden and Codan in Denmark and Norway. He previously had 22 years of financial-services experience at Credit Suisse and Abbey National.

Mr. Hester is a U.K. citizen and, having concluded his executive career in 2021, is now focused on international board work, including as chairman of easyJet PLC, Nordea said.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

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