ING leadership shake-up

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ING has announced a leadership shake-up as it prepares for an Initial Public Offering.

As proposed earlier this year, Ralph Hamers has succeeded Jan Hommen as CEO of ING Group.

Hamers has big plans for ING’s future, but admits that it won’t be easy.

“It’s a real challenge to take on, not only given the challenges that the institution itself faces…but it’s also a real challenge to take on given the public opinion on financial institutions and the financial industry in general,” he says.

His main focus will be on building trust and he says that this cannot happen overnight but will take time, and require ING to be more open, more transparent, and more vulnerable at times.

Hamers says that as long as financial services professionals continue to help consumers – even if it is by a product offer that they disregard – if they can see that it’s an attempt to help them, then those professionals will gain clients’ trust.

As the European businesses continue to work towards a stand-alone future with the aim of being ready for a base case IPO in 2014, the governance of ING Insurance has been adapted as of yesterday. Lard Friese has been appointed vice-chairman of ING Insurance. In this new role he is responsible for business strategy, performance and day-to-day operations of ING Insurance. As vice-chairman of ING Insurance, Friese will report to Hamers, who is also chairman of the Management Board Insurance.

Following the leadership changes, the composition of the Executive Board, the Management Board Banking and the Management Board Insurance will be as follows: 

Executive Board

-    Ralph Hamers, Chief Executive Officer

-    Patrick Flynn, Chief Financial Officer

-    Wilfred Nagel, Chief Risk Officer      

Management Board Banking

-    Ralph Hamers, CEO

-    Koos Timmermans, vice-chairman

-    Patrick Flynn, CFO

-    Wilfred Nagel, CRO

-    William Connelly, CEO Commercial Banking

-    Eli Leenaars, CEO Retail Banking Direct and International

-    Hans van der Noordaa, CEO Retail Banking Benelux

Management Board Insurance

-    Ralph Hamers, CEO

-    Lard Friese, vice-chairman

-    Patrick Flynn, CFO

-    Wilfred Nagel, CRO

-    Delfin Rueda, CFO Insurance

-    Doug Caldwell, CRO Insurance

-    Dorothee van Vredenburch, corporate development, HR, communications