Michel Tilmant
Encyclopedia
Michel Tilmant is a banker and the former CEO of ING Group
, a globally operating banking and insurance business based in The Netherlands.
speaking Belgian
, graduated from the Université catholique de Louvain
(Louvain School of Management
) in Business Administration and European Affairs. He began his career in finance with Morgan Guaranty Trust Company of New York
, serving as Head of European Investor Services in Paris
and London
, Head of Operations Services in New York, and General Manager of the Brussels
branch. In 1991 he became Chief Operating Officer
of Banque International à Luxembourg. In 1992, Tilmant joined the Executive Committee of Bank Brussels Lambert (BBL). He became CEO in 1997, one year before ING acquired BBL. That year, he became Chairman of ING Barings and in his appointment as Vice-Chairman of the ING Group and CEO of ING Europe followed in 2000. In April 2004, he succeeded Ewald Kist as CEO of the ING Group.
Dutch Finance Minister Wouter Bos wanted to dismiss ING CEO Michel Tilmant in October 2008, when the government ING capital injection of 10 billion euros was granted. Finance Minister Bos temporarily abandoned the idea since no replacement was available.
In January 2009 Tilmant was replaced by Jan Hommen, chairman of the non-executive board.
A little over a year before on November 8, 2007 the same Tilmant had threatened in(the Dutch Financial Times) to have ING headquarters moved to London to enable him to pay himself and his staff higher salaries and bonusses. He was critical on the moderate economic climate in the Netherlands. He was particularly annoyed with the quality of education and the debate on excessive pay in the Netherlands.
On 26 Jan. 2009 ING announced that he would give up the CEO position because of the "special developments of the previous months and his personal condition".
On January 25, 2010, one year after his sudden resignation, Tilmant refused to be questioned by the 'Commissie de Wit' the Dutch Financial Crisis Inquiry Commission on the occurrences that led to the technical bankruptcy of ING under his jurisdiction.
Former Non Executive Board Member and former Labor Prime Minister of the Netherlands Wim Kok was severely criticized for his explanation on his ratification of the extravagant salary increase (584%) granted to Tilmant and his board in 2004 to stay in line with salaries paid in the Banking industry.
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
, a globally operating banking and insurance business based in The Netherlands.
Biography
Tilmant, a FrenchFrench language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...
speaking Belgian
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
, graduated from the Université catholique de Louvain
Université catholique de Louvain
The Université catholique de Louvain, sometimes known, especially in Belgium, as UCL, is Belgium's largest French-speaking university. It is located in Louvain-la-Neuve and in Brussels...
(Louvain School of Management
Louvain School of Management
The Louvain School of Management is a business school accredited by the European Quality Improvement System , which is part of the Université catholique de Louvain, in Belgium...
) in Business Administration and European Affairs. He began his career in finance with Morgan Guaranty Trust Company of New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, serving as Head of European Investor Services in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
and London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Head of Operations Services in New York, and General Manager of the Brussels
Brussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
branch. In 1991 he became Chief Operating Officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of Banque International à Luxembourg. In 1992, Tilmant joined the Executive Committee of Bank Brussels Lambert (BBL). He became CEO in 1997, one year before ING acquired BBL. That year, he became Chairman of ING Barings and in his appointment as Vice-Chairman of the ING Group and CEO of ING Europe followed in 2000. In April 2004, he succeeded Ewald Kist as CEO of the ING Group.
Dutch Finance Minister Wouter Bos wanted to dismiss ING CEO Michel Tilmant in October 2008, when the government ING capital injection of 10 billion euros was granted. Finance Minister Bos temporarily abandoned the idea since no replacement was available.
In January 2009 Tilmant was replaced by Jan Hommen, chairman of the non-executive board.
A little over a year before on November 8, 2007 the same Tilmant had threatened in(the Dutch Financial Times) to have ING headquarters moved to London to enable him to pay himself and his staff higher salaries and bonusses. He was critical on the moderate economic climate in the Netherlands. He was particularly annoyed with the quality of education and the debate on excessive pay in the Netherlands.
On 26 Jan. 2009 ING announced that he would give up the CEO position because of the "special developments of the previous months and his personal condition".
On January 25, 2010, one year after his sudden resignation, Tilmant refused to be questioned by the 'Commissie de Wit' the Dutch Financial Crisis Inquiry Commission on the occurrences that led to the technical bankruptcy of ING under his jurisdiction.
Former Non Executive Board Member and former Labor Prime Minister of the Netherlands Wim Kok was severely criticized for his explanation on his ratification of the extravagant salary increase (584%) granted to Tilmant and his board in 2004 to stay in line with salaries paid in the Banking industry.