AP4 Reveals Succession Plan for CEO

Niklas Ekvall, incoming AP4 CEOSweden’s AP4 has appointed outsider Niklas Ekvall as CEO, succeeding Mats Andersson.

Ekvall will take the helm on October 1, AP4 said in a statement. He was formerly deputy CEO and CIO of AP3, AP4’s sister fund in Sweden’s public pension system.

Ekvall joins from Nordea Bank where he held several roles including head of savings and asset management for Sweden, and is currently head of group treasury at Nordea. He led investment at AP3 for five years before joining US-based Carnegie Asset Management in 2004, and has been an adjunct professor in finance at the Stockholm School of Economics since 2002.

AP4’s newly appointed Chair Sarah McPhee said Ekvall had “a vast analytical capability and he is a strong leader within the financial sector.”

“Niklas has a deep understanding of both asset management as well as the AP funds and he is motivated in bringing AP4’s sustainability engagement to the next phase,” she added.

“The AP funds have one of the most important and exciting roles in the Swedish financial sector,” Ekvall said. “I am really proud to be given this opportunity to be part of AP4 and to further develop an organization that has been so successful in managing capital.”

Andersson, who has led the SEK 310 billion ($37.5 billion) AP4 for 10 years, will officially step down July 12. Per Colleen, head of equities, will become interim CEO until Ekvall joins.

AP4 is in the midst of significant turnover in its senior management team. Colleen was promoted to his current role following the departure of Björn Kvarnskog at the start of this year. The fund is yet to announce a replacement for CIO Magnus Eriksson, who leaves this month.

Related: Mats Andersson to Receive Lifetime Achievement Award & Sweden’s AP4 CIO to Exit