HAPPY NEWS: new CEO named. ING got a chance to recover
ING Groep Names Belgian Head Hamers CEO to Succeed Hommen
By Maud van Gaal - Feb 22, 2013 1:03 PM GMT+0100.
ING Groep NV (INGA), the biggest Dutch financial-services company, promoted Ralph Hamers to be chief executive officer, replacing Jan Hommen, the former chairman who led the firm through the aftermath of a government bailout.
The 46-year-old Hamers, a Dutch national, has led the company’s Belgian and Luxembourg banking unit since 2011 and will take the top job in October. Hommen, whose four-year term as CEO ends on May 13, will have his contract extended by four months to “ensure a smooth leadership transition,” the Amsterdam-based company said in a statement today.
Hamers will become responsible for completing a European Union-imposed restructuring plan that will see ING sell its global insurance and investment-management operations before the end of 2018 and repay the remainder of the Dutch government’s 10 billion euros ($13.2 billion) in bailout money by May 2015. Hamers joined the company in 1991 and has run ING’s Dutch banking unit and its global commercial lending division.
“Hamers, while a surprising candidate, seems well suited for the job,” said Matthias De Wit, a Brussels-based analyst at Petercam SA with a hold rating on the shares. “He’s proven to be a capable and experienced manager and has a lot of experience in risk management.”
ING shares rose 1.7 percent to 6.28 euros at 12:40 p.m. in Amsterdam, giving the company a market value of 24 billion euros. That’s a gain of more than 50 percent since Jan. 23, 2009, the last trading day before Hommen took the top job.
Hommen, 69, became CEO after chairing ING’s supervisory board. He took over from Michel Tilmant after the company’s 2008 bailout and has disposed of assets from Latin America to Asia, including the sale of ING Direct USA to Capital One Financial Corp. (COF)