SWDBY Swedbank A B (PK)

By Dominic Chopping

STOCKHOLM--Swedbank AB (SWED-A.SK), one of Sweden's and the Baltic region's largest lenders, surprised markets Tuesday with news that it was replacing Chief Executive Michael Wolf with immediate effect, a decision it says was made on the board's initiative.

"The Board deems that it is time for new leadership and a new CEO who can take Swedbank to the next level," said Chairman Anders Sundstrom.

The bank said Birgitte Bonnesen, the head of its Swedish banking unit, has been named acting chief executive while the recruitment process for Mr. Wolf's replacement gets underway.

Mr. Wolf was named chief executive of Swedbank in March 2009, when shares were trading around record low levels following the financial crisis. Before taking the helm at Swedbank he was boss at collection agency Intrum Justitia AB (IJ.SK) and held several senior management positions at financial services group Skandia AB.

He will receive 75% of his salary during the 12-month notice period and a severance payment of an additional 75% of his salary for 12 months. His current annual salary is 13 million Swedish kronor ($1.54 million).

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

February 09, 2016 02:09 ET (07:09 GMT)

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