ING Head to Step Down

by Christopher Freeburn | February 22, 2013 10:11 am

INGGlobalPromo ING Head to Step Down[1]ING Groep (NYSE:ING[2]) will get a new CEO later this year[3].

The Dutch bank’s current CEO, Jan Hommen, has agreed to step aside on October 1. He will be replaced by Ralph Hamers, the head of ING’s Belgium unit. Hommen has served as the top executive at ING since 2009, Banking Times noted.

In addition to his role as CEO, Hommen is also the chairman of the bank’s Executive Board. His four year term as chairman expires in May, but the bank said that he will be reappointed to serve until the leadership transition is completed.

Earlier this month, ING revealed plans to trim its payroll by 2,400 workers as part of its on-going restructuring program[4]. The bank also reported fourth-quarter earnings that missed analysts’ forecasts.

Shares of ING climbed more than 1% in Friday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/01/INGGlobalPromo.jpg
  2. ING: http://studio-5.financialcontent.com/investplace/quote?Symbol=ING
  3. a new CEO later this year: http://www.bankingtimes.co.uk/2013/02/22/ing-ceo-to-step-down-in-october/
  4. part of its on-going restructuring program: http://investorplace.com/2013/02/ing-to-cut-2400-more-jobs/

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