Denmark's Only Female CEO at Major Bank to Retire, Bank Recollects Her Contributions

Denmark”s only female chief executive officer (CEO), Karen Frosig, is all set to retire from Sydbank A/S. With her resignation next year, the country will lose its only female CEO among large banks. According to reports, the bank has found a successor for her, who will be announced in the coming days.

Frosig, 65, had expressed her wish to retire, the bank said in a statement. Given that the Balkan state has been deprived of women leaders, Frosig had demanded quotas for women on company boards and executive management teams to ensure gender diversity. She disclosed that she was initially doubtful about the effectiveness of quotas, but after witnessing the great outcome of having small quotas, she changed her mind.

Frosig joined Denmark”s third-largest listed bank in 1994 as the first woman to enter Sydbank”s executive management team. She was one of the five female CEOs of no more than 50 banks of Denmark, and the other four all served small banks.

Sydbank Chairman Lars Mikkelgaard-Jensen acknowledged that collaboration with Frosig was “long, close, and constructive.” Her “unwavering leadership” helped the bank overcome many changes and challenges.

During her 13-year tenure as CEO, Sydbank”s share value increased at an annual average of 8.8%, which is higher than its competitors” 8.2%.