The Board of Directors of Första AP-fonden (AP1), Sweden’s First National Pension Fund, has decided to dismiss Johan Magnusson from his post as CEO with immediate effect. The initiative was taken by the Board since the CEO has violated internal regulations on the holding and trading of financial instruments.
The Board has appointed the Fund’s General Counsel, Teresa Isele, as the Acting CEO. The process of recruiting a new CEO will begin immediately.
“Johan Magnusson has successfully developed AP1 during his time as CEO, and we on the Board are grateful for his efforts. Since it has now emerged that Mr. Magnusson has broken our internal regulations, he unfortunately no longer has the Board’s confidence. Therefore the Board has agreed unanimously that it is not possible for Mr. Magnusson to continue as CEO of AP1. The Fund is an organisation of highly skilled employees which will now be headed up by Teresa Isele, until a new CEO is appointed,” says Urban Hansson Brusewitz, Chairman of the Board of AP1.
Sara Christensen, Head of Communications AP1, phone +46 (0)70-968 12 50, email@example.com
Första AP-fonden (AP1) is one of five pension funds in the Swedish national income pension system (the AP Funds). AP1 has assets under management of SEK 352 billion (30 June 2019) in a portfolio consisting of listed equities, fixed income securities, currency, real estate, hedge funds, private equity funds, infrastructure and high yield. Investments are made worldwide. AP1 is a long-term investor and an active, engaged owner. As an owner the Fund imposes stringent demands in the areas of Environment, Social and Governance. www.ap1.se.