On Wednesday, the share price of Oma Säästöpankki dropped by more than 6 percent after it was announced that CEO Pasi Sydänlammi’s employment relationship would be terminated immediately. This decision came after a period of declining trust in the market and led analysts to believe that a change in leadership was necessary to rebuild that trust.
According to Inderes analyst Kasper Mellaksen, bringing in a new CEO from outside the company is a logical solution to the current situation. The bank has faced challenges in risk management and credit losses, with the share price falling by around 30 percent since the beginning of the year. However, despite these challenges, the operational activities of Oma Säästöpankki are expected to continue as normal until a new CEO is selected.
The banking industry is facing uncertainty and changes in 2021, so it is crucial for the bank to address its issues swiftly and effectively. By taking steps to improve risk management and credit quality, Oma Säästöpankki aims to regain market confidence and stability. The board of directors acknowledged the need for a fresh start and a renewed focus on rebuilding trust, which led them to make this difficult decision.
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