KLEINWORT Benson chief executive Sally Tennant was replaced with immediate effect yesterday, stepping down as head of the private bank.
Tennant is now set to become a senior adviser at the organisation, as she is replaced as CEO by chief financial officer Martha Boeckenfeld.
Boeckenfeld is to keep both roles, according to a statement from the bank, and will take charge of integrating the bank with BHF bank, a German wealth manager which it snapped up from Deutsche Bank for €384m (£318.6m) earlier this year.
Tennant held the top spot at Kleinwort Benson for over three years, taking the job in late 2010, a year after the bank was bought from Commerzbank by RHJ International. She was thanked by the group yesterday for her contribution.
The firm said that Boeckenfeld’s previous experience at Winterthur Group would help her to achieve “significant cost savings” as a common platform is built between BHF bank and Kleinwort Benson.