Management Succession in Merkur Cooperative Bank

Dear shareholder

After 38 years as CEO of Merkur, it is now time for me to pass on the baton, therefore I hand over the responsibility to Charlotte Skovgaard from September 1st 2020. In addition to Charlotte Skovgaard, the new management will consist of Alex Andersen, who will be responsible for Merkur's credit and finance operations.

In any organization, and in times of change, it is important to make way for a new generation of accomplished leaders. New ways of expressing and operationalizing our strong values bring new life.

In addition, I have for a long time wanted to focus more on Merkur's values ​​and outreach, which is why I will continue to be closely associated with Merkur as adviser to the management. Running a bank has changed significantly since I founded Merkur and today the task of securing and documenting regulatory requirements and general standards takes up a lot of time. My interests lie elsewhere - namely, where money can make a difference to sustainability and social responsibility. This is what I can now fully concentrate on.

I look forward to spending more time talking to people, to participate in debates and to give lectures. At the same time, I will be an adviser to the management, and I will play a role in relation to some of our important networks and partners at home and abroad.

Of course, it is sad to leave many years of wonderfully rewarding and exciting work as a CEO behind, but I am also very much looking forward to my new role, and I am happy to hand over the responsibility to the new management. They are competent and energetic people who are passionate about the cooperative bank, so I have full confidence that they will continue to develop Merkur as a financial institution, which will continue to be the sustainable alternative for customers and shareholders in the future.

Together with the shareholders, we have built up Merkur Cooperative Bank over the past 38 years, and you are the foundation of Merkur. Therefore, I would also like to take this opportunity to thank you for your commitment to Merkur and the confidence you show us and have shown me. I can only recommend that this confidence will be passed on to Charlotte and Alex.

You can read more in the official press release below. If you have any questions, you are always welcome to contact me.

Best regards,

Lars Pehrson

CEO Merkur Cooperative Bank