Jan. 16 (Bloomberg) -- Swedbank AB, the largest lender in the Baltics, nominated Deputy Chairman Anders Sundstroem to replace Lars Idermark as chairman of the bank’s board.
The company’s nomination committee will propose to re-elect the existing board members Olav Fjell, Ulrika Francke, Goeran Hedman, Anders Igel, Pia Rudengren, Charlotte Stroemberg, Karl-Henrik Sundstroem and Siv Svensson at its annual general meeting with shareholders in March, the Stockholm-based lender said in a statement today. Idermark will keep his board seat, it said.
Sundstroem, 60, who has been deputy chairman since 2009, will step down from his position as chief executive officer of Swedish insurer Folksam. The insurer is Swedbank’s largest shareholder, with 9.2 percent of the lender’s share capital.
“Since Anders Sundstroem has decided to leave his operational role at Folksam, he will now be able to devote even more time and energy to Swedbank’s board,” the lender said.
Idermark, who has been chairman since 2010, will join Swedish forestry company Soedra as CEO, according to the statement.
“After nine fantastic years as the CEO of Folksam it is the right time for me to leave the executive role,” Sundstroem said in a statement on Stockholm-based Folksam’s website today, adding that he will remain the CEO of the insurer until it has found a replacement for him.
To contact the reporter on this story: Niklas Magnusson in Stockholm at firstname.lastname@example.org
To contact the editor responsible for this story: Frank Connelly at email@example.com