Pension fund picks new CEO from domestic competitor

The previous Chief Executive recently resigned.

Finland's Elo Mutual Pension Insurance has appointed Carl Pettersson as its new CEO | Photo: PR / Elo

Finland's Elo Mutual Pension Insurance has appointed Carl Pettersson as its new CEO. He starts in the position in the fall.

Pettersson joins Elo from Veritas Pension Insurance, where he has served as the CEO since September 2017.

Prior to Veritas, Pettersson worked at Aktia Bank.

"Carl Pettersson has strong expertise in the financial services, investment and pension insurance sectors, as well as a solid track record of successful leadership in a regulated business environment. He has the experience and expertise to lead Elo as the company moves into the next strategy period," says Antti Aho, Chairman of Elo Mutual Pension Insurance in a statement.

Pettersson replaces Satu Huber, who resigned from the position in March.

The pension fund fell below its solvency ratio limit on March 19, 2020 when share prices fell sharply because of the Covid-19 crisis. This resulted in the Finnish Financial Supervisory Authority (Fiva) appointing Attorney-at-Law Pekka Jaatinen as authorized representative for Elo to supervise Elo's operations.

Jaatinen acts as a representative of Fiva in the the meetings of Elo's Board of Directors and the executive group, but he does not take part in decision making, Elo announced in December.

Huber, 62, explained to Finnish media Kauppalehti that the decision to resign was difficult and was based also on personal reasons.

"At this age, of course, one thinks many times in different situations about what would be the right time to leave. We had a rough year last year due to Covid-19 crisis. From my own point of view, and perhaps also for Elo, the best solution is to turn the page at this point," Huber said.

Elo manages EUR 26bn and was created on 1 January 2014 with the merger of Localtapiola Pension and Pension Fennia.

Finnish pension CEO resigns three months after regulator appoints supervisor

Elo expands trading team with hires from OP 

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