Olaf Sleijpen named as the new President of the Dutch Central Bank

Olaf Sleijpen will take over as the President of De Nederlandse Bank (DNB) on July 1, the Dutch central bank confirmed on its website. The current leading economist at the DNB will replace Klaas Knot, who has held the position since 2011.

Minister of Finance Eelco Heinen nominated Sleijpen on Friday on advice from the supervisory board of the DNB. This followed what Heinen described as a "challenging search," in a letter to the Tweede Kamer, the lower house of Dutch parliament.

Sleijpen has been an Executive Board Member of Monetary Affairs at the DNB since 2020. He held other executive roles prior to this. Before that, he held senior roles at the pension fund ABP and pension provider APG. The DNB Supervisory Board is looking for a new director to replace Sleijpen.

“Due to the current geopolitical tensions and the changing international power balance, the position of president requires a candidate that can work effectively in a complex and highly demanding environment from the first day,” Heinen said. “Mr Sleijpen has indicated his desire to renew and modernize the organization and work activities of the DNB. He has the ambition to ensure there is a refreshing dynamic within the organization to stimulate an open culture.”

Sleijpen will earn more than the maximum salary limit that has been agreed for top executives. The council of ministers decided to agree to an annual bonus that could rise to up to 450,000 euros.

“The exception underlines the strategic importance that Mr Sleijpen adds to the DNB board and represents a careful balance between a market-based salary and the public nature of the role,” Heijnen wrote. However, the new president’s salary is lower than Knot, his predecessor.

“It is a huge honor to be able to lead the DNB,” Sleijpen said in response to his appointment. “The social challenges we face, from price stability and financial resilience to technological innovation and geopolitical fragmentation, require a central bank that is independent and resilient and visible in our society.”