The Board of Directors of Orc Group has appointed Torben Munch as new CEO of Orc.

Torben Munch joins Orc from software provider SimCorp, where he held the position of Executive Vice President and Chief Operating Officer.

Torben Munch will start his position at Orc at the latest 1st of January 2013. He succeeds Thomas Bill, who is leaving the company after six successful years.

"The Board is pleased that Torben Munch will join as CEO and we warmly welcome him to Orc. He will continue to build on Orc's leadership within trading solutions and grow Orc's footprint within the financial community globally. As the financial services industry is going through changes Torben Munch's thorough understanding of the industry will be of great value for Orc," says Per E. Larsson, Chairman of the Board, Orc.

Torben Munch has a long experience within the financial technology industry and has been with SimCorp since 1996 where he has held different positions, including his present position as Executive Vice President and Chief Operating Officer since 2001.

"Orc is a professional and ambitious leader in its market. I'm looking forward to join the Orc team and to further improve and strengthen the company's position in the coming years as well as to set Orc on an accelerated growth trajectory by leveraging Orc's strong position in global financial markets," says Torben Munch, new CEO of Orc.

Mr. Larsson continues, "Speaking on behalf of the whole board I would also like to thank Thomas Bill for his important achievement over the years."