Financial services giant ING is to replace many of the top executives in its management and supervisory boards, the Financieele Dagblad said on Wednesday.

At least six of ING’s senior managers will be affected and a number of lower-level managers will  also be replaced. ING issued a statement Tuesday night following a report by the FD earlier in the day.

Part of the merry-go-round is due to the fact that some terms of office are about to expire, and part is due to the wishes of the people involved. On the other hand some of the changes are linked to the wish of ING chairman Ralph Hamers to attract fresh blood to the management, the paper said.

The most noteworthy are the departures of the long-serving chief financial officer Patrick Flynn and the highest risk manager Wilfred Nagel. Many observers regard the departure of Nagel, who has been at his post for more than 25 years, as a bit of blood-letting. And Flynn is not seen within ING as a big motivator, the FD said.

Shake-up

Steven van Rijswijk, currently head of client coverage at ING, will replace Nagel on 1 August while Koos Timmermans will become chief financial officer. The management team will be strengthened by the addition of Roland Boekhout of ING Duitsland. Boekhout successfully implemented the German unit’s digital platform and the bank’s plans to extend this to all its international operations.

The appointments will be proposed at the May 8 shareholders’ meeting and have already been approved by the European Central Bank.

Three members of ING’s supervisory board are due to retire as their terms expire, including, sources say, its chairman, former Shell CEO Jeroen van der Veer.