Denmark's biggest bank Danske Bank today ousted its chief executive Eivind Kolding after one and a half years in the job and said it needed a CEO with stronger banking qualifications.
Kolding will step down immediately and be replaced by head of corporate & institutional banking, Thomas F Borgen, who has been with the bank since 1997.
"It is, in this phase, necessary to have a chief executive officer with stronger qualifications within banking," Danske Bank said in the statement.
Eivind Kolding took up the position as chief executive in February 2012 following a long career at Danish oil and shipping group AP Moller-Maersk.
"Thomas F. Borgen is an experienced and customer-oriented banker, who knows how to run a modern bank," chairman Ole Andersen said.
Danske has not paid a dividend in five years and its return on equity is far lower than that of its Nordic peers. Danske Bank's profitability in the second quarter of the year was 6.2%, compared with Nordea's 11.5%.
In June, the bank suffered a blow after Danish regulators demanded it set aside more cash to cover risk.