On Friday, Nordea Bank announced several changes in its board and management. Birger Steen has stepped down from his position as the Chair of the Board Operations and Sustainability Committee (BOSC), though he will remain an ordinary member of the committee. Kjersti Wiklund, who has been a member of the BOSC since March 24, 2022, has been appointed to succeed Steen as the Chair.
In addition to these changes, Kasper Skovgaard Pedersen, a long-time employee of Nordea with nearly 14 years of service, has been appointed by the employees of the Nordea Group as an ordinary member of the Board of Directors. His tenure will last until the end of the next Annual General Meeting. Pedersen's current role at Nordea is as a credit analyst and he also serves as a union board member in Finansforbundet at Nordea. Despite being employed by Nordea Bank Abp (OTC:NRDBY), Pedersen is independent of the bank's significant shareholders. In line with the Finnish Corporate Governance Code, he is not considered independent of Nordea Bank Abp itself. His appointment is currently pending relevant authority approval.
The Board of Directors also saw Dorrit Groth Brandt, an ordinary member appointed by the employees of the Nordea Group, resign from her position.
Following these changes, apart from members elected by the Annual General Meeting 2023, the Board of Directors now comprises three ordinary members: Gerhard Olsson, Hans Christian Riise, and Kasper Skovgaard Pedersen. Joanna Koskinen serves as a deputy member.
InvestingPro reports that Nordea Bank has a market cap of $38884.17 million, a P/E ratio of 8.07, and a revenue of $12245.74 million as of Q2 2023. The bank's revenue growth has been accelerating, with a growth rate of 25.64% reported in the same quarter. The bank also pays a significant dividend to shareholders, with a dividend yield of 7.69%. According to InvestingPro Tips, Nordea Bank is trading at a low P/E ratio relative to near-term earnings growth, and the stockholders receive high returns on book equity. These tips, among many others, can be found on the InvestingPro platform.
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