Handelsbanken admits fired boss wasn't right for the job

Handelsbanken today ousted its chief executive, Frank Vang-Jensen, after 16 months saying his leadership style did not fit its decentralised style.

He is being replaced by the Queens Park Rangers-supporting Swedish head of its highly successful UK business, Anders Bouvin.

“This decision is purely related to the individual,” said Par Boman, chairman of the bank and its previous chief executive.

“All managers at Handelsbanken, particularly the branch managers, must have a very high degree of autonomy.

“Being the most senior manager at the bank therefore requires a special type of leadership, considerably more complex than traditional management.

"Thus, it is possible to be an excellent leader and manager, as Frank Vang-Jensen has been, but not fulfil the requirements of the chief executive of Handelsbanken.”

The Swedish bank said: “Over the years, Handelsbanken has had more stable finances, a higher rating and more satisfied customers than its competitors.

"One of the main reasons for these successes is the bank’s highly decentralised way of working, where almost all business decisions in the bank are made locally, close to the customer.”

Bouvin has run the UK arm of Handelsbanken since 2010, expanding it from 100 branches to more than 200.