Michel Tilmant (born 21 July 1952) is a banker and the former

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...

, a globally operating banking and insurance business based in the

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

Biography

Tilmant, a

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speaking Belgian, graduated from the

Université catholique de Louvain The Université catholique de Louvain (also known as the Catholic University of Louvain, the English translation of its French name, and the University of Louvain, its official English name) is Belgium's largest French-speaking university. It ...

(

Louvain School of Management The Louvain School of Management (LSM, formerly IAG) is the international business school of the University of Louvain (UCLouvain), Belgium, founded in 1897. The faculty offers courses on the campuses of Louvain-la-Neuve, UCLouvain FUCaM Mons a ...

) in Business Administration and European Affairs. He began his career in finance with

Morgan Guaranty Trust Company J.P. Morgan & Co. is a commercial and investment banking institution founded by J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in th ...

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, serving as Head of European Investor Services in

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and

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, Head of Operations Services in New York, and General Manager of the

Brussels Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Bruss ...

branch. In 1991 he became

Chief Operating Officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if t ...

of Banque Internationale à Luxembourg. In 1992, Tilmant joined the Executive Committee of

Bank Brussels Lambert Bank Brussels Lambert (BBL, french: Banque Bruxelles Lambert) was a Belgian bank that was created through merger in 1975 and became part of ING Group in 1998. It provided retail and commercial banking services to individuals and businesses in Belgi ...

(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 8 November 2007, the same Tilmant had threatened in (the Dutch Financial Times (FD)) to have ING headquarters moved to Brussels to enable him to pay himself and his staff higher salaries and bonuses. 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 January 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 25 January 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. After leaving ING, Tilmant joined the board of the Luxembourg-based Foyer Group as an executive director.

References

{{DEFAULTSORT:Tilmant, Michel Walloon people Belgian chief executives ING Group people 1952 births Living people Chief operating officers