The main shareholder in Danske Bank just made clear it won’t stand by and watch the chairman muddle through the lender’s biggest crisis in a century.
Bloomberg News reports that as Danske finds itself at the center of one of Europe’s worst ever money laundering scandals, A.P. Moller Holding used its roughly 20% stake in the bank to force Chairman Ole Andersen out.
The stunning announcement follows the 62-year-old Andersen’s failed attempt to win approval for his chosen candidate for chief executive officer. The sheer scale of Danske’s dirty money scandal, much of which overlapped with his tenure, also made Andersen’s continued presence untenable.