SAMPO PLC PRESS RELEASE 7 February 2019 at 9:40 am
Torbjörn Magnusson appointed President and Group CEO of Sampo
The Group CEO and President of Sampo Kari Stadigh has decided to retire on 31 December 2019. He also steps down as Chairman of If P&C Insurance Board of Directors as of 7 February 2019. Sampo's Board of Directors has today appointed Torbjörn Magnusson, the CEO of If, to succeed him as Group CEO and President of Sampo Group, effective 1 January 2020. Magnusson will take over as chairman of If P&C, effective immediately.
"Kari Stadigh took over from me as CEO of Sampo ten years ago and has made the Group the leading financial services holding company of Northern Europe. During his tenure, both the share price and the dividend have increased threefold. We owe him a great debt of gratitude for his work", says Björn Wahlroos, Chairman of the Board.
"The succession plan at Sampo has been emerging for some time. Torbjörn is the obvious choice as my successor. His track record as CEO of If is second to none. I reached my retirement age more than 3 years ago, but I have prolonged my tenure at the request of the Board. Now it is time to move on", says Kari Stadigh, Group CEO and President.
Torbjörn Magnusson is also proposed to be elected Chairman of the Board of Nordea, Sampo's largest associate, after Björn Wahlroos informed Nordea's Nomination Board of his intention to step down from the Board at the next AGM. Wahlroos is proposed to be re-elected Chairman of the Board of Sampo. As the future Group CEO and President of Sampo, Magnusson will thus chair the two biggest businesses within the Sampo Group.
Torbjörn Magnusson will immediately start focusing on his new responsibilities. The Sampo and If Boards have therefore today appointed Morten Thorsrud, the Head of If Business Area Private, to succeed him as the CEO of If, effective immediately. Thorsrud will in turn be succeeded by Ingrid Janbu Holthe as Head of If BA Private. She is currently SVP for Sales & Services Norway of If BA Private and will at the same time become a member of the Group Executive Committee of Sampo Group.
"I am honored to be offered the challenge to take the helm at Sampo. If will continue to excel under the leadership of Morten Thorsrud. At Nordea the foundations are in place for a new phase in the bank's development. It is both a privilege and a challenge to oversee the execution of the plans for Nordea's future development", says Torbjörn Magnusson.
Furthermore, the Nomination Committee of Topdanmark has today nominated Ricard Wennerklint, the Deputy CEO of If, to be elected Chairman of the Board of Topdanmark. He will succeed Torbjörn Magnusson, who resigns from the Board.
"I am proud to have guided Nordea through the great change programs, but now I want to inject new energy into their execution. From a Sampo perspective, having Torbjörn as Chairman of Nordea is the right way to organize the Group. Chairing a bank has become almost a full-time job and it should be handled by a full-time executive. I will, of course, continue to oversee progress at Nordea from my position as Chairman of Sampo", says Björn Wahlroos.
All CV:s are appended.
Further information
For the media, further information is available at the press conference held today. Languages used at the press conference are English and Finnish. No interviews are given prior to the press conference.
For investors and analysts, further information is available at the English-language conference call held today.
Press conference
7 February at 1:00 pm Finnish time (11:00 am UK time) Restaurant Palace (10 th floor), Eteläranta 10, Helsinki
Available for the media:
Björn Wahlroos, Chairman of the Board Kari Stadigh, Group CEO and President Torbjörn Magnusson, future Group CEO and President
To attend the press conference and for interview requests please contact Mirko Hurmerinta via e-mail, mirko.hurmerinta@sampo.fi
The press conference can also be followed as a live webcast at www.sampo.com/result . A recorded version will later be available at the same address.
Conference call
7 February at 5:00 pm Finnish time (3:00 pm UK time)
To attend the conference call, please call +44 (0)333 300 0804, +1 631 913 1422, +46 (0)8 5664 2651 or +358 (0)9 8171 0310. Confirmation code: 69958632#.
Group CEO and President Kari Stadigh, future Group CEO and President Torbjörn Magnusson, Group CFO Knut Arne Alsaker and Head of IR and Group Communications Jarmo Salonen will attend the conference call.
The conference call can also be followed live at www.sampo.com/result . A recorded version will later be available at the same address.
SAMPO PLC
Jarmo Salonen Head of Investor Relations and Group Communications tel. +358 10 516 0030
Mirko Hurmerinta IR & Communications Specialist, Media Relations tel. +358 10 516 0032
Distribution: The principal media www.sampo.com
ANNEX
Curriculum Vitaes, 7 February 2019
BJÖRN WAHLROOS Chairman of the Board, Sampo plc Born 1952
EDUCATION
Hanken School of Economics
- Ph.D. (Econ) 1979
- M.Sc. (Econ) 1975
- B.Sc. (Econ) 1974
CAREER
Sampo plc
- Group CEO and President 2001-2009
- Member of the Sampo Group Executive Committee 2001-2009
Mandatum Bank plc
- Chairman and CEO 1998-2000
Mandatum & Co Ltd
- Vice Chairman and CEO 1997-1998
- President and Senior Partner 1992-1997
Union Bank of Finland
- Executive Vice President and Member of the Executive Committee 1989-1992
- Senior Vice President and Member of the Board of Management 1987-1988
- First Vice President and Deputy Member of the Board of Management 1985-1987
Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois
- Visiting Associate Professor of Managerial Economics and Decision Sciences 1983-1984
Brown University, Providence, Rhode Island
- Visiting Assistant Professor of Economics 1980-1981
Hanken School of Economics
- Professor of Economics 1979-1985
- Assistant Professor and Lecturer in Finance 1974-1979
POSITIONS OF TRUST
Sampo plc
- Chairman of the Board 2009-
- Board Member 2001-2009
Nordea Bank Abp
- Chairman of the Board 2011-
- Vice Chairman of the Board 2009-2011
- Board Member 2008-2009
UPM-Kymmene Corporation
- Chairman of the Board 2008-
The Mannerheim Foundation
- Board Member 2007-
Finnish Business and Policy Forum EVA
- Board Member 2005-
The Research Institute of the Finnish Economy ETLA
- Board Member 2005-
Several other charitable institutions.
PREVIOUS POSITIONS OF TRUST
Hanken School of Economics
- Chairman of the Board 2009-2018
Sampo Bank plc
- Chairman of the Board of Directors 2005-2007
KARI STADIGH Born 1955
CURRENT POSITION
Sampo Group
- Group CEO and President 7 April 2009 - 31 December 2019
Sampo plc
- Managing Director 7 April 2009 - 31 December 2019
EDUCATION
Hanken School of Economics
- BBA 1980
Helsinki University of Technology
- Master of Science (Eng.) 1979
CAREER
Sampo plc
- Deputy CEO 2001-2009
Sampo Life Insurance Company Limited
- President 1999-2001
Nova Life Insurance Company Ltd
- President 1996-1998
Jaakko Pöyry Group
- President and COO 1991-1996
JP-Finance Oy
- President 1985-1991
POSITIONS OF TRUST
Nokia Corporation
- Board Member 2011-
- Member of Personnel Committee 2011 -
- Member of Corporate Governance and Nomination Committee 2014 -
Waypoint Group Holdings SA
- Board Member 2015-
Mandatum Life Insurance Company Limited
- Chairman of the Board 2001-
PREVIOUS POSITIONS OF TRUST
If P&C Insurance Holding Ltd
- Chairman of the Board 2002-2019
Nordea Bank AB (publ)
- Board Risk Committee, Chairman 2011-2018
- Board Member 2010-2018
Alma Media plc
- Chairman 2005-2011
Aspo plc
- Chairman 2000-2008
TORBJÖRN MAGNUSSON Born 1963
POSITION AS OF 1 JANUARY 2020
Sampo Group
- Group CEO and President
Sampo plc
- Managing Director
EDUCATION
The Royal Institute of Technology, Stockholm
- Licentiate of Engineering 1990
- M.Sc. degree (Engineering Physics) 1987
CAREER
If P&C Insurance Holding Ltd
- President and CEO 2002-2019
- Member of the Group Management 2001-2019
If P&C Insurance Ltd
- Head of Commercial Business Division 2001-2002
- Head of Commercial Products 1999-2001
Skandia P&C
- Head of P&C Support and Chief Actuary 1998-1999
- Chief Controller 1996-1997
Mercantile & General Reinsurance, London
- Chief Non-Life Actuary 1995-1996
- Deputy Actuary 1994-1995
Skandia International
- Non-life Actuary 1990-1993
Arthur Andersen & Co
- Information Systems Consultant 1988-1989
POSITIONS OF TRUST
Nordea Bank Abp
- Board Member 2018-
Topdanmark A/S
- Chairman of the Board 2017-
- Deputy Chairman of the Board 2015-2017
- Board Member 2014-2015
If P&C Insurance Holding Ltd
- Chairman of the Board 2019-
- Board Member 2008-2019
Insurance Europe
- Vice President 2013-
Swedish Insurance Federation
- Board Member 2009-
- Chairman 2006-2009
Swedish Insurance Employer Association
- Board Member 2009-
- Chairman 2006-2009
PREVIOUS POSITIONS OF TRUST
If P&C Insurance Ltd , Sweden
- Chairman of the Board 2002-2019
Academedia
- Board Member 2011-2016
Aleris
- Board Member 2009-2010
MORTEN THORSRUD Born 1971
CURRENT POSITION
If P&C Insurance Holding Ltd
- President and CEO 2019-
Sampo plc
- Member of the Sampo Group Executive Committee 2006-
EDUCATION
Norwegian School of Management
- Master of Business and Economics 1996
CAREER
If P&C Insurance Ltd (publ)
- Group Executive Vice President, Head of BA Private 2013-2019
- Head of BA Industrial 2005-2013
- Head of Industrial Underwriting and Claims 2004-2005
- Head of Corporate Strategy 2002-2004
McKinsey & Company, Inc. Norway/Europe
- Associate Partner 2001-2002
- Engagement Manager 1999-2001
- Associate 1997-1999
- Junior Associate 1996-1997
POSITIONS OF TRUST
Finance Norway (Finans Norge, FNO)
- Member of the Executive Committee of P&C Insurance, 2018-
- Chairman of the Executive Committee of P&C Insurance, 2016-2018
- Member of the Executive Committee of P&C Insurance, 2013-2016
RICARD WENNERKLINT Born 1969 CURRENT POSITION
If P&C Insurance Holding Ltd
- Member of the Board 2019-
If P&C Insurance Ltd (publ)
- Managing Director 2006-
Sampo plc
- Member of the Sampo Group Executive Committee 2005-
EDUCATION
Stockholm School of Economics
- Executive Education, Advanced Management Program
- Business Administration and Finance
CAREER
If P&C Insurance Holding Ltd
- Deputy CEO 2008-2019
If P&C Insurance Ltd (publ)
- Chief Financial Officer 2002-2008
- Senior Vice President, Head of Business and Financial Control, Business Area Commercial 1999-2001
Skandia P&C
- Head of Control, Strategic Business Unit Property & Casualty 1997-1999
Trygg-Hansa
- Head of Financial Control, Major Customer Division 1996-1997
- Financial Controller and Project Manager, Business Unit Commercial 1994-1996
POSITIONS OF TRUST
If P&C Insurance Holding Ltd
- Member of the Board 2019-
Topdanmark A/S
- Board Member 2017-
Nobia AB
- Board Member 2014-
If P&C Insurance AS , Estonia
- Chairman of the Board 2017-
- Board Member 2003-2016
INGRID JANBU HOLTHE Born 1982
CURRENT POSITION
If P&C Insurance Ltd
- Group Executive Vice President, Head of BA Private 2019-
Sampo plc
- Member of the Sampo Group Executive Committee 2019-
EDUCATION
NHH Norwegian School of Economics and HEC Paris
- Master of Business and Economics (finance) and CEMS MIM (Master in International Management) 2007
CAREER
If P&C Insurance Ltd (publ)
- Senior Vice President, Sales & Service, Norway, BA Private 2015-2019
- Nordic Head of Business Development, Product & Price, BA Private 2014-2015
- Business Developer, Project Manager, BA Private 2014
McKinsey & Company
- Engagement Manager 2010-2013
- Associate 2009-2010
- Junior Associate 2007-2008
