Stockholm (NordSIP) – In the latest of a series of executive restructurings, coming on the heels of its exposure to the downfall of US regional banks, Alecta has now announced that its board’s Chair, Ingrid Bonde, will be leaving the pension fund of her volution.
“In a situation where there has been too much focus on my person, I have decided to resign. With a new CEO and new management personnel on their way in, Alecta is well-equipped for its challenges. I now need to devote my time and energy to my family and my other assignments,” Bonde said (in Swedish).
Bonde continues to serve as Chairperson of the board of Apoteket AB and tbd30 and a member of the boards of Husqvarna AB, Securitas AB and Ersta Diakoni. She previously served as CFO and deputy CEO of Vattenfall, as CEO of AMF, Director General of Finansinspektionen, Sweden’s Financial Supervisory Authority (FSA), Deputy Director General of the Swedish National Debt Office and VP Finance of SAS.
Alecta’s Wider Reshuffle
When regional banks in the USA came undone in the first quarter of 2023, the issue spilt over to investors on this side of the pond, not least Swedish private pension giant Alecta, which had oversized positions in Silicon Valley Bank, Signature Bank and First Republic Bank. As a result, Finansinspektionen, launched an investigation of the risk-management practices at the pension fund. Meanwhile, Alecta itself, decided to make important changes at the top of its executive team.
“The losses in the three American banks account for a small part of Alecta’s capital and the impact on the customers’ pensions is very limited. But it has seriously damaged the customers’ trust in Alecta and our share management. It is now up to us to prove that we deserve their trust again. Alecta’s equity management needs a fresh start and new management,” said (in Swedish) Alecta’s (ex-) CEO Magnus Billing at the time .
The result of this fresh new start has seen Alecta replace Billing with Peder Hasslev, from Saminvest AB and Denmark’s PFA Pension, appoint Pablo Bernengo as CIO to replace Henrik Gade Jepsen who was on Covid 19-related long-term sick leave and replace Head of Equities Liselott Ledin with Ann Grevelius.
Grateful for Bonde’s Service
The board’s first vice chairman, Jan-Olof Jacke, now takes over as chairman of the board until a new chairman is elected. “Ingrid Bonde has, not least during the period as working chairman of the board, with great dedication and personal sacrifice worked for Alecta’s best interests and for this I would like to express my and the Board’s great thanks,” Kenneth Bengtsson, chairman of the Board of Governors and chairman of Alecta’s selection committee, noted on this most recent occasion.
“Alecta’s board works together with the newly appointed CEO Peder Hasslev and Alecta’s organization to give our customers a good return, secure pensions and get us out of the crisis of confidence we are in. The Financial Supervisory Authority’s review of how Alecta handled the investments continues. Alecta’s focus or direction does not change because Ingrid Bonde chooses to resign. We are very understanding of Ingrid Bonde’s decision and on behalf of the board would like to thank her for her significant efforts as chairman of the board,” said (in Swedish) Jan-Olof Jacke and Martin Linder, the board’s first and second vice chairman in a joint comment.