Pending Acquisition Approval, Danica Pension Shakes Up Board

The $380 billion-plus Danica Pension has tasked chief commercial officer (CCO) Lars Ellehave-Andersen with strengthening its Norwegian arm, as well as making changes to its board pending a big acquisition.

“Lars expressed a desire to head Danica Pension in Norway, and since we will continue to be able to benefit from his extensive network and strong competencies in our activities in Denmark, the move is right for both the Danica Group and for Lars, who will be heading this important task,” Per Klitgård, chief executive of Danica Pension, said in a statement. “With Lars Ellehave as CEO in Norway, we are strengthening our Norwegian business, where we see great potential.”

Ellehave-Andersen will start his new role as CEO of the Norwegian arm May 1, with SEB Pension CEO Søren Lockwood as the fund’s new CCO following the approval of Danica Pension’s acquisition of the SEB fund.

As CCO, Lockwood will also take Ellehave-Andersen’s place on the executive board, where he will be joined by current SEB Pension CEO Ole Krogh Petersen, who will become Danica Pension’s COO, also subject to the arrangement’s green light.

“With Søren Lockwood as CCO, we will have the best possibilities of creating value for our customers with the acquisition of SEB Pension,” said Klitgård. “We now have the right management team to secure an even stronger position for Danica Pension throughout Scandinavia.”

Expected to close in the first half of 2018, the deal was announced late last December, where Danica Pension was projected to grow 30% following the takeover.

Once Denmark’s authorities approve the takeover, the Danica Pension’s executive board will consist of Klitgård, CIO Anders Svennesen, Lockwood, CFO Claus Harder, and Petersen.