Ex-NBIM star quits his CEO post at Skagen
Øyvind Schanke is stepping down as CEO of Skagen after a bit over a year at the helm of the Norwegian fund management company.
Øyvind Schanke, ex-chief investment officer for asset strategies at NBIM, has stepped down from his role as the CEO of the Norwegian fund management company Skagen which he took over in February last year. The Stavanger-based asset manager was acquired by the savings and pensions group Storebrand last October, but remains an independent investment boutique reporting to its own board. According to a statement from the firm, Øyvind Schanke was instrumental in the process leading up to the acquisition of Skagen by Storebrand.
Due to the successfully completed changes in the ownership structure, Øyvind Schanke said it was now time for him to move on. “I was appointed CEO of Skagen with the remit of further developing the company's long-term strategy at a time when Skagen's ownership structure was evolving. With Storebrand now in place as a long-term owner, I have agreed with the board that the time is right for a transition of leadership. It has been an exciting and instructive time, and I would like to take this opportunity to thank my colleagues for excellent cooperation,” he said.
Skagen has undergone several changes to its management over the recent years as it’s been tackling major outflows from its funds. The firm lost its long-serving CEO Harald Espedal in 2011 along with several key portfolio managers after which it brought Leif Ola Rød from Odin Funds on-board in an effort to reverse the trend of losing assets under management, plaguing the fund since 2012. However, despite his efforts, the firm announced in Q4 2016 that it had hired Øyvind Schanke from NBIM to replace Leif Ola Rød at the start of 2017.
Deputy CEO Tim Warrington has been appointed acting CEO while the firm is looking for a permanent replacement for Øyvind Schanke. “The board would like to extend its thanks to Øyvind and wish him all the best for the future,” said Odd Arild Grefstad, chairman of the board of Skagen and CEO of Storebrand. He added that since Tim Warrington has been with Skagen for more than ten years he was “the natural choice” to take on the role of acting CEO. “We have initiated the process of appointing Øyvind's successor and look forward to announcing the outcome shortly,” he said.
Investment director Alexandra Morris will continue to be responsible for overseeing the portfolio management team.
