Danish fund loses CEO

PensionDanmark's high-profile boss will step down after more than 30 years with the nation's largest labour-market pension fund.

One of the 50 top pension funds in Europe, the EUR41 billion pension scheme said Torben Möger Pedersen has worked "tirelessly and decisively" for three decades and wants to spend time pursuing private priorities.

PensionDanmark chair Lars Sandahl Sørensen said after regularly discussing the long-term strategy of the company with Torben and considering his wish to focus on board work, they agreed, that the time is right for a new chief executive.

"PensionDanmark has become a significant provider of welfare services following many years of member-focused innovation with Pedersen as a consistent driving force," he said.

The chair said the outgoing chief executive will hand over a company in peak condition with a future-proofed digital setup, low costs and the best returns in the business for 2022.

"This provides ideal conditions for a new chief executive set the future direction for PensionDanmark," he added.

For his part, Pedersen said after becoming the first employee and the chief executive for more than 30 years, he had decided to pass on the baton.

"It has been a great honour and joy ... to be handed the task to develop PensionDanmark into an important supplier of sustainable welfare solutions for common Danes."

The board has started the search for Pedersen's replacement which is expected to be finalised within months.

Currently, Pedersen chairs Copenhagen Business School, the Danish Government and Denmark's Export and Investment Fund.

In addition, he chairs the Danish Government's Climate Partnership for Finance.