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Fortis changing its group management structure and to appoint Kurt De Schepper and Antonio Cano

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Fortis announces the appointment of Kurt De Schepper as Chief Risk Officer (CRO) and Antonio Cano as CEO AG Insurance effective from 1st of September. At the same time, Fortis has announced changes in its Group management structure to reflect the new scope of Fortis as an international insurance company.

The appointments of Kurt De Schepper and Antonio Cano are subject to the approval of the Banking, Finance and Insurance Commission (CBFA).

The new organisational structure, supervised by the Board of Directors, consists of an Executive Committee and a Management Committee

The Executive Committee is composed of

  • Bart De Smet, CEO responsible for Strategy & Development, Audit, Investor Relations, Communications and Corporate Secretariat;
  • Bruno Colmant, Deputy CEO responsible for Finance, Legal and Legacy issues and
  • Kurt De Schepper, CRO (Chief Risk Officer) responsible for Risk, Compliance, Support Functions and Separation issues.

The Executive Committee will oversee the activities of the Group on a daily basis with a particular focus on capital management, legacy and separation issues of the old Fortis, audit, compliance, finance and risk, communication and other corporate management issues.

The Management Committee is responsible for defining and implementing the corporate strategy, business plans and budgets and for the operational activities of the company.

The Management Committee is composed of the three members of the Executive Committee, Patrick Depovere, CFO and the heads of the four geographic operating divisions: Steven Braekeveldt, CEO Continental Europe; Antonio Cano, CEO AG Insurance; Barry Smith, CEO United Kingdom and Dennis Ziengs, CEO Asia.

Fortis is confident that this new management structure will facilitate the sharing of best practices and will help capture potential synergies between the businesses. These organizational changes represent an important step in preparing the company for future challenges and opportunities. Following the appointment of Antonio Cano and Kurt De Schepper, AG Insurance will, in due time, communicate on further management changes in the company.

A review of the organization and governance of the Group is one of the key elements in the strategic review currently underway. Fortis will present its strategic update to the market on 25 September.

In addition, Fortis is also reviewing a simplification of the Group’s legal structure. This is work in progress and will be presented at the appropriate time.