SEB develops its divisional structure, consolidating its wealth and asset management operations into one division, and implements a new Chief Operating Officer (COO) function. The changes are intended to better equip SEB’s organisation to continue delivering on its long-term strategy, further strengthening customer focus and enabling faster time to market.
“To continue our successful journey and deliver on our 2030 Strategy, we are now adjusting our operating model to reflect our long-term strategic priorities. Through these changes, we address competition, the increasing pace of technology development and the need for strong non-financial resilience. These are important steps in our strive to create value in the coming years – to the benefit of our customers, shareholders, employees and society at large,” says Johan Torgeby, SEB's President and CEO.
The new organisational structure is implemented ahead of the introduction of SEB’s upcoming three-year business plan for 2025-2027.
Summary of the new structure, effective 1 January 2025:
- SEB consolidates the divisions Private Wealth Management & Family Office (PWM&FO), Asset Management and Life into one division – Wealth & Asset Management. The purpose of the consolidation is to further strengthen SEB’s offering and growth within wealth and asset management. The new Wealth & Asset Management division will be headed by William Paus, who is currently Head of PWM&FO.
- SEB implements a new Chief Operating Officer (COO) function to strengthen customer focus and business impact further. Through this new function, SEB will increase the pace of new technology adaptation, improve time to market and ensure that the prioritization of development is aligned with business. Jonas Ahlström, currently Head of the Large Corporates & Financial Institutions division, is appointed COO and deputy President & CEO. The units reporting to the COO include Group Technology, Group & Business Services, Financial Crime Prevention and Group Security & Cyber Defence. Jeanette Almberg will take on the role as Deputy COO, in addition to her current position as Head of Group & Business Services.
- The current division Large Corporates & Financial Institutions will be renamed Corporate & Investment Banking. SEB has appointed Andreas Fredriksson, currently Head of Corporate Banking, and John Turesson, currently Head of Investment Banking, as new co-Heads of the division. They succeed Jonas Ahlström, who has been appointed COO. Maria Rimbäck succeeds Andreas Fredriksson as Head of Corporate Banking, while the recruitment of a new Head of Investment Banking is initiated.
- The current division Corporate & Private Customers will be renamed Business & Retail Banking.
With the new divisional structure, SEB will have four divisions as of 1 January 2025, compared with the current six. These are Corporate & Investment Banking, Business & Retail Banking, Wealth & Asset Management and Baltic.
Changes to the Group Executive Committee
As part of the new structure, SEB is also making changes to the Group Executive Committee (GEC) as of 1 January 2025, unless otherwise stated.
- Cecilia Wolrath Ekenbäck, Head of Group Compliance, is appointed member of the GEC.
- Petra Ålund, currently Head of Group Technology, is appointed Head of Group Human Resources as of 1 October 2024, and continues as member of the GEC. She is succeeding Robert Celsing, who continues as Senior Banker at SEB. Henrik Magnusson will take on the role as Acting Head of Group Technology as of 1 October 2024.
- Linnéa Ecorcheville, Head of Life, is appointed adjunct member of the GEC.
- Javiera Ragnartz, Head of Asset Management, is appointed adjunct member of the GEC.
“I would like to thank Robert Celsing for his time as Head of Group Human Resources as he has chosen to continue as Senior Banker at SEB. At the same time, I look forward to working with this new setup of leaders in our new organisation,” says Johan Torgeby.
These changes in combination with the new divisional structure, means that the GEC will, in addition to the President & CEO, consist of the Deputy CEO, Chief Financial Officer, Chief Risk Officer, Chief Operating Officer & Deputy CEO, Head of Wealth & Asset Management, co-Heads of Corporate & Investment Banking, Head of Business & Retail Banking, Head of Baltic, Head of Brand, Marketing & Communication, Head of Group Compliance and Head of Group Human Resources, all of whom report directly to SEB’s President and CEO as of 1 January 2025. In addition, Linnéa Ecorcheville, Head of Life, and Javiera Ragnartz, Head of Asset Management, will be adjunct members of the GEC.
The extended GEC will be replaced with a broader Senior Leadership Committee to reflect home markets and central functions. It will consist of the GEC members, Head of Group & Business Services & Deputy COO, Head of Group Technology, Chief Sustainability Officer, Head of SEB Cards, and the Country Heads of Denmark, Norway, Finland, Germany, UK, Estonia, Latvia, and Lithuania.