ING to revise Management Boards in line with strategic direction
(Thomson Reuters ONE) - ING announced today that it will move towards a separation of itsbanking and insurance operations, clarifying the strategic directionfor the bank and the insurance company going forward. This also leadsto changes in the structure and composition of the respectiveManagement Boards.MANAGEMENT BOARD BANKINGSince the announcement of the Back to Basics strategy in April, INGhas made significant progress in strengthening the financials in thebank by reducing and deleveraging the balance sheet, lowering costsand reducing the workforce. As announced in April, ING will integrateits banking operations into one bank, with one management team andone balance sheet, as part of its strategy to become predominantly aEuropean retail and commercial bank with selective growth optionselsewhere. In retail banking, the distribution models of traditionalbranch networks and direct banking are converging. Clientsincreasingly search for simple, straight-forward products at a fairprice, delivered through a channel suited to their own preferencesfor advice capabilities and opening hours.Given these trends, ING has decided to bring together all its retailbanking activities, including ING Direct. While maintaining theirstatus as individual businesses, this structure allows them toincrease cooperation and take full advantage of each other'sstrengths and expertise. ING has the ambition to deliver a superiorcustomer experience and cost leadership in the markets in which itcompetes, reflecting the company's underlying strengths and theevolving needs of customers. ING will adapt the structure of theManagement Board Banking to these changes. The governance structureannounced today will help further drive this strategy.In addition to his role as CEO of Commercial Banking, Eric Boyer dela Giroday will become vice-chairman of the Management Board Bankingwith day-to-day responsibility for managing all aspects of thebanking business. The Management Board Banking will include the newlycreated positions of CEO Retail Banking Benelux and CEO RetailBanking Direct and International. Hans van der Noordaa, currentlyresponsible for Insurance Europe and Asia/Pacific will take up theposition of CEO Retail Banking Benelux. Eli Leenaars, currentlyresponsible for Retail Banking, will take up the position of CEORetail Banking Direct and International. These changes recognise boththe importance and size of our home markets and the strategicdirection to bring ING Direct and the retail bank closer to eachother.In light of these changes Dick Harryvan has decided to take earlyretirement as CEO of ING Direct and member of the Management BoardBanking as of 1 January 2010, after a career of more than 30 yearswith ING. Dick Harryvan started his career with ING in 1979. In April2006 he was appointed to the Executive Board of ING and CEO of INGDirect. Since 1 June 2009 he has served as a member of the ManagementBoard Banking.Jan Hommen, CEO of ING commented: "I want to acknowledge thesignificant role that Dick has played in building ING Direct into theworld's leading direct bank and thereby making personal financeeasier for our customers. I respect Dick's decision to take earlyretirement and want to thank him for three decades of very dedicatedservice to ING."MANAGEMENT BOARD INSURANCEThe insurance business will focus on its long-term structuralleadership positions in life and retirement services. Key buildingblocks will include the insurance operations in the Benelux, US,Central Europe, Latin America and Asia/Pacific as well as the globalInvestment Management operations.Since announcing the Back to Basics strategy, ING has madesignificant progress on bringing greater discipline and focus to itsregional insurance business by lowering costs, reducing risk anddivesting non-core businesses. ING will continue to strive to unlockadditional value by leveraging its global distribution skills,streamlining core processes and systems, pursuing customer-needsbased product development and increasing effectiveness and efficiencyof IT. The customer value proposition will focus on financialeducation, simpler products, easier service and lower costs, all witha view to helping our customers plan for a lifetime of financialsecurity. ING Investment Management will continue to be part ofInsurance, consisting of three regional organisations and Real EstateInvestment Management.Jacques de Vaucleroy has decided to leave ING to pursue otherinterests. He will step down from the Management Board Insurance withimmediate effect but will remain an advisor to the Management Boarduntil 1 January 2010 to ensure a smooth transition. Jacques deVaucleroy started his career with ING in 1986. In April 2006 he wasappointed to the Executive Board of ING Group. Since 1 June 2009 hehas served as a member of the Management Board Insurance and CEO ofING Investment Management.Jan Hommen, CEO of ING said: "I would like to thank Jacques for hisimportant contribution to ING over the past 23 years. I have admiredhis energy and leadership. I regret but respect Jacques' decision toleave ING and realise that we will miss his experience and broadknowledge of the industry."In light of the strategic decisions regarding the insuranceoperations as well as the departure from the Management BoardInsurance of Jacques de Vaucleroy and Hans van der Noordaa, thegovernance structure will be adapted.Tom McInerney, currently responsible for Insurance Americas, willtake up the role of Chief Operating Officer Insurance on theManagement Board Insurance, having responsibility for all day-to-dayinsurance and investment management activities. Matt Rider, currentlyCFO for ING's global insurance operations, will join the ManagementBoard Insurance and become Chief Administrative Officer with a broadfinance responsibility.The appointments announced today are subject to approval by the DutchCentral Bank. Following the appointments, the composition of the INGExecutive Management Boards will be as follows as of 1 January 2010:Executive Board Management Board Management BoardING Group Banking InsuranceJan Hommen, CEO Jan Hommen, CEO Jan Hommen, CEOPatrick Flynn, CFO Eric Boyer, Vice Chairman Patrick Flynn, CFOKoos Timmermans, CRO Patrick Flynn, CFO Koos Timmermans, CRO Koos Timmermans, CRO Tom McInerney, COO Eli Leenaars Matt Rider, CAO Hans van der NoordaaNOTE FOR EDITORSJan Hommen will address the announcements made today in an analystand investor conference call at 9:00 CET. Members of the investmentcommunity can join in listen-only mode at +31 20 794 8497 (NL) or +44207154 2688 (UK) and via live audio webcast at www.ing.com.A press conference will be held at 11:30 CET. Journalists are invitedto join the conference at ING House, Amstelveenseweg 500, Amsterdam,Journalists can also join in listen-only mode at +31 20 794 8500 andvia live audio webcast at www.ing.com.Press enquiriesRaymond Vermeulen Carolien van der GiessenING Group ING Group+31 20 541 5682 +31 20 541 6522Raymond.Vermeulen(at)ing.com Carolien.van.der.Giessen(at)ing.comING ProfileING is a global financial institution of Dutch origin offeringbanking, investments, life insurance and retirement services to over85 million private, corporate and institutional clients in more than40 countries. With a diverse workforce of about 110,000 people, INGis dedicated to setting the standard in helping our clients managetheir financial future.IMPORTANT LEGAL INFORMATIONCertain of the statements contained herein are statements of futureexpectations and other forward-looking statements. These expectationsare based on management's current views and assumptions and involveknown and unknown risks and uncertainties. Actual results,performance or events may differ materially from those in suchstatements due to, among other things, (i) general economicconditions, in particular economic conditions in ING's core markets,(ii) performance of financial markets, including emerging markets,(iii) the frequency and severity of insured loss events, (iv)mortality and morbidity levels and trends, (v) persistency levels,(vi) interest rate levels, (vii) currency exchange rates (viii)general competitive factors, (ix) changes in laws and regulations,(x) changes in the policies of governments and/or regulatoryauthorities, (xi) conclusions with regard to purchase accountingassumptions and methodologies, (xii) ING's ability to achieveprojected operational synergies and (xiii) the implementation ofING's restructuring plan to separate banking and insuranceoperations. ING assumes no obligation to update any forward-lookinginformation contained in this document.http://hugin.info/130668/R/1349934/325528.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.10.2009 - 07:08 Uhr
Sprache: Deutsch
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