The chief executive of the Swedish public pension fund AP7, Richard Gröttheim, is due to step down in 2023.
Gröttheim has been a key part of senior management since the launch of AP7 in 2000.
He had previously served as a director of Sweden’s central bank Sveriges Riksbank before becoming the fund’s first executive vice-chairman. He then became CEO in 2012.
In Gröttheim’s 22 years with AP7, the fund has grown from SEK 15 billion (€1.4 billion) in 2000 to SEK 970 billion (€90 billion) at the end of 2021, with an annual return average of 11.6%.
“It was a fantastic trip for which I am very grateful,” said Gröttheim. ‘The default premium pension alternative is a cornerstone of the Swedish pension system and I had the opportunity to develop it with some fantastic colleagues. The time has come to end my operational career and hand over to my successor.
The board has now begun the process of recruiting a new CEO.
Per Frennberg, chairman of the board of directors of AP7, said the board would have liked Gröttheim to stay for a few more years, but understands that he wishes “to devote himself to other activities after a long and dedicated service. “.
“The financial result has been incredible, the organization is very capable and the sustainability work has been exemplary,” said Frennberg.