Partner quits Formuepleje after brief tenure

Ole Madsen, hectically recruited to Formuepleje last year from position in Spar Nord, now suddenly resigns, the asset manager confirms in a comment.

Ole Madsen. | Photo: Spar Nord/PR

Former communications director at Danish bank Spar Nord Ole Madsen stayed only a short while at his new position at Danish asset manager Formuepleje.

After serving for less than a half year as partner and heading the money manager's communications and marketing operations, Madsen has now abruptly stepped down from his position, Formuepleje confirms in a comment to AMWatch's sister media, FinansWatch.

According to Formuepleje Chief Executive Niels B. Thuesen, Madsen took the decision to quit on his own accord.

"He has chosen to resign for personal reasons. We have been very pleased to have Ole Madsen here, and I speak not only for myself but also for the rest of the executive team and company personnel when I say that he will be missed. He will be difficult to replace," Thuesen says.

FinansWatch has tried to contact Madsen for comment, but he has canceled his phone subscription and deleted his LinkedIn profile.

Unexpected departure

That Madsen has now left the Danish asset manager after merely five months comes as some surprise, not least in the light of the recruitment process that preceded his appointment in October of 2020.

Madsen first revealed his resignation in March last year from Spar Nord to take the communications lead job at Formuepleje, but he had second thoughts about the move in April and then opted to remain at the Danish Bank.

Roughly five months later, he decided to leave Spar Nord anyway to take the job at Formuepleje, where he until now has held the title of partner and director of communications and marketing.

At the time, Madsen told FinansWatch:

"It's kind of going back to the original plan. That I stayed at Spar Nord in the spring was based on various external and internal matters on which I cannot elaborate. In the months that have passed, more clarity has emerged and now it suddenly seem right," he said in September last year.

Coveted by Spar Nord

It's no secret that Madsen's exit from the bank was a poor fit with Spar Nord CEO Lasse Nyby's plans.

In connection with the director's first announcement of leaving Spar Nord, he received many warm words from Nyby on the way out of the building, and the CEO candidly lamented Madsen's move.

"With the exceptions of my two executive colleagues, he's probably the person with whom I've worked the most throughout those 15 years. So, I am genuinely disappointed with Ole's decision, but I do have understanding for the offer he has received and that he would like to try it. I'm also completely certain that he will succeed," Nyby told FinansWatch last year.

English Edit: Daniel Frank Christensen

This article is provided by our sister media FinansWatch Denmark

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