Hele, ING Group CFO, quits
Hele, ING Group CFO, quits to relocate to the US ‘for family reasons’ and to start in another job
ING
Group announced yesterday that John Hele, its chief financial officer, will
leave the company effective from 31 March, 2009, for ‘family reasons’ and to
pursue a career outside ING.
The announcement came the same week as credit-market losses drove shares of
the ING Group, the Netherlands’ biggest financial-services company, to a 13-year
low, prompting the Dutch government to give it a lifeline by buying non-voting
preferred shares for €10bn (?8bn).
While the Government appoints two representatives to the ING board, Hele will
remain a board member and CFO until the end of March 2009 when he has completed
the annual accounts and filings for the 2007-08 financial year.
Starting 1 April, 2009, Hele will join Arch Capital Group Ltd as executive
vice-president and CFO. Arch Capital Group writes property and casualty
insurance and reinsurance on a worldwide basis and is listed on the Nasdaq in
New York.