Management Succession in Merkur Cooperative Bank

Concluding the presentation of the interim report at the end of August, Denmark’s longest serving bank CEO Lars Pehrson, 61, of own will hands over authority to current Director and Member of the Executive Board Charlotte Skovgaard, 48.

Chairman of the Board Henrik Toelloese:

“Lars Pehrson is practically synonymous with Merkur and will be very difficult to replace, so finding a successor has been strenuous to say the least. We are, however, convinced that Charlotte Skovgaard is the perfect match. She has everything it takes to be a top leader in today’s financial world. Her strong business acumen, banking savvy and contagious energy makes her more than apt to lead our continued efforts in strengthening Merkur’s business and values”’.

Merkur Cooperative Bank stands out in the world of banking with a business model uncompromisingly focusing on values revolving sustainability and social responsibility. Considering today’s general focus on sustainability Merkur has a solid platform and potential for strengthening these efforts, says the soon-to-be CEO:

’Merkur is unique and the value-based foundation has given us significant credibility among costumers and investors. Merkur has worked for sustainability on all accounts, even before it became modern to do so. This positions Merkur as a spearhead of sustainability in the financial sector - and we will continue to take this position. But we have to be better at saying it out loud - and at bringing the values even further out into the world, as we strive to mean more for more people. This is a job I really look forward to take on’, says Charlotte Skovgaard, adding that her very first task will be working to create an even more robust bank, converting the rooted values into marketing even more value-items, products and improved customer services. Efforts already initiated during her position as director through the previous 8 months.

Besides Charlotte Skovgaard the Executive Board as of September 1 also includes Alex Andersen, current CCO, who will undertake a larger area of responsibility as Director of Merkur’s Credit-, Economic-, Compliance and Anti-Money Laundering activities. Co-founder and CEO since the outset in 1982 Lars Pehrson, does not leave his life’s work completely, as he continues in the organization as Advisor to the Executive Board and Board of Directors.

’Running a bank has changed immensely since I co-founded Merkur back in 1982. Today, the tasks of securing and documenting all governmental requirements and guidelines are heavy and time consuming. My primary interests lie elsewhere, namely working with capital to make a difference regarding sustainability and social responsibility. With this succession of management I will be able to focus 100% on what makes Merkur special and potentially creates a better future for all of us’, states Lars Pehrson, who will be functioning as developer and sparring partner on value-issues for the organization and management, while also being responsible for Merkur’s outreaching activities.

Chairman of the Board Henrik Toelloese emphasizes that stepping down and focusing on Merkur’s values is entirely at Lars Pehrson’s own initiative and will.

The succession of management will be in effect from September 1, 2020.