Euronext Securities Oslo CEO, Udon Boe, will leave the company during 2022. Although the departure is voluntary, he still includes his annual salary in a severance package.
Udon Boe is on his way out of the CEO of Oslo-based Euronext Securities, formerly the Norwegian Central Depository for Securities (VPS).
It emerges from the notes to the company’s 2020 annual accounts, where it is stated that Bø will resign at either the end of June or December 2022, depending on when a replacement is in place.
Bø has been CEO since May 2017, when VPS was still part of the Oslo Securities VPS Holding. Two years later, he got new owners, then the group Acquired for NOK 6.8 billion by Euronext.
Pierre Davost, chairman of Euronext Securities in Oslo, told E24 that it was Bø who chose to resign.
“Odun has carefully notified us of this desire well in advance. He wanted to stay and lead the organization through the merger with Euronext in 2019 and 2020, and played a key role in the success of this process,” Davost wrote in an email to E24.
Because of the rights in my contract
Graduate Economist Bø joined VPS at the time in his position as Executive Vice President of Products and Market at Eika, and also has a management background from companies such as Orkla Finans and DNB.
He served as Chairman of the VPS Board of Directors from 2007-2017, last year as Chairman of the Board of Directors, before taking over the management of the company.
The 2020 accounting notes also indicate that Bø will receive a severance package corresponding to a 12-month fixed salary upon leaving the company.
In 2020, he earned NOK 5.1 million, of which NOK 4.5 million is at a fixed salary.
Why do you get an end of service gratuity if leaving is voluntary?
“This is due to the rights I have in my employment contract,” Bø wrote in an email to E24.
This was confirmed by Davost, who further stated that the relevant contractual terms dated back to the period prior to the Euronext acquisition.
Do you have plans ready for a new job?
“No, I will now focus on today’s tasks, as well as ensuring a good handover of the new head of Euronext Securities in Oslo,” Poe wrote.
Expect replacements to be announced in the first quarter
Euronext Securities Oslo offers registration of all the most important types of financial instruments traded in Norway, with a license from the Ministry of Finance.
Everyone who trades stocks or mutual funds in Norway must have a so-called VPS account with the company, if they are not trading via the account operator.
Many private investors and increased business activity on the Oslo Stock Exchange in the wake of the pandemic also had a positive impact on Euronext Securities in Oslo, which had record sales of NOK 590 million and profit of NOK 218 million in 2020.
According to Davost, an operation was launched “some time ago” to find a new chief.
“It is expected that the Udon replacement will be announced and put into place before the end of the first quarter, thus providing an opportunity for a friction-free and efficient transition,” Davost wrote.
E24 wrote recently About the downsizing process in recent years at Euronext Securities in Oslo, where a total of 26 employees have left since the acquisition.
– At the same time, we have hired new employees, partly to replace those who left and partly to create new competency in the company, Bø told E24 at the time.
At the beginning of 2021, the company had 101 employees, compared to 102 at the end of 2018.
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