Lars Seier Christensen, the 52-year-old co-founder and chief executive officer of Saxo Bank, will step down at the end of this year.
The move means Saxo will be run by Kim Fournais, according to a statement on Monday. Fournais founded the Danish broker bank together with Christensen in 1992 and the two worked as joint CEOs. Saxo said its long-term strategy remains to seek an initial public offering.
Christensen, who owns 26 percent of Saxo, will stay on as a shareholder. He described his time as CEO as “an amazing journey,” and said the bank has “significant potential.”
“To step back into a different role has been a wish of mine for a considerable period and I believe now is the right time,” Christensen said.
Saxo made headlines earlier this year after losing as much as $107 million on Switzerland’s decision to float the franc back in January. The Danish broker bank was criticized by some clients for retroactively adjusting franc prices. Saxo then sued clients in Singapore it said were liable for their losing currency trades, which was met by a counter-suit. Christensen in a June interview referred to “some people” as “opportunistic” in their efforts to bring his bank to court over the matter.