Michel Tilmant

Michel Tilmant
Michel Tilmant tijdens een kerstborrel bij ING
Born	July 21, 1952(1952-07-21)
Nationality	Belgian
Occupation	Banker
Known for	ING Group

Michel Tilmant (born July 21, 1952) is a banker and the former CEO of ING Group, a globally operating banking and insurance business based in The Netherlands.

Biography

Tilmant, a French 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.^[1] 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) ^[2] 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.^[3] 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.^[4]

References

1. ^ Financieel Dagblad (Dutch Financial Times) July 20, 2009
2. ^ [Het Financieel Dagblad, November 8, 2007]
3. ^ (NRC Handelsblad January 25, 2010
4. ^ Het Financieel Dagblad 31 januari 2010

Persondata
Name	Tilmant, Michel
Alternative names
Short description
Date of birth	July 21, 1952
Place of birth
Date of death
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