Carsten Stendevad will resign as CEO of the 800 billion Danish kroner ($119.2 billion) pension fund ATP, Hilleroed, Denmark.
Mr. Stendevad will return to the U.S. for family reasons, said a news release by ATP Friday.
A spokesman confirmed by e-mail that Mr. Stendevad will remain CEO until a replacement is appointed. ATP said a search process has begun and is expected to be completed by the end of the year. “(Mr.) Stendevad will assist in the transition period,” said the release.
He became CEO in April 2013. Under his leadership the fund has redesigned its investment strategy, strengthened in-house investment capabilities and increased its focus on direct investments.
“On behalf of the board of ATP, I would like to thank (Mr. Stendevad) for his outstanding performance as CEO of ATP,” said Jorgen Sondergaard, chairman of the board of supervisors, in the release. “(He) commands great respect among ATP's stakeholders, because of the strong financial results he has delivered, the organizational improvements he has undertaken, and the way he has positioned ATP in the Danish society. (Mr. Stendevad) is handing over an ATP in great shape to his successor.”