Dutch bancassurer ING Group NV said Monday it has appointed Frans van Houten, a former chief executive of NXP Semiconductors, to lead the financial company’s split.
Frans van Houten, who left NXP earlier this year, started in his new role this month, an ING spokesman said. His job is to lead the split up of ING’s banking and insurance operations in the next nine to 12 months, the spokesman added.
After leaving NXP, a former unit of Royal Philips Electronics NV, Frans van Houten was in charge of a restructuring program at semiconductor equipment maker ASML NV.
ING is in the midst of a drastic restructuring which includes the spin-off of its insurance and investment arms and the sale of its internet bank operation in the U.S., ING Direct.
The restructuring was ordered by the European Commission to address competition concerns after ING was bailed out by the government at the height of the financial crisis. Once the split is completed ING will mainly focus on its banking business.
