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Ontario Teachers CIO resigns

Bjarne Graven Larsen

Bjarne Graven Larsen resigned as executive vice president and chief investment officer of the C$189.5 billion ($151 billion) Ontario Teachers' Pension Plan, Toronto, effective Monday, said Ron Mock, OTPP president and CEO.

Mr. Mock said he would take on the CIO duties on an interim basis, and a search will be undertaken for a permanent replacement.

Mr. Larsen wanted to return to his native Denmark, Mr. Mock said.

"He made a difficult decision with his family and his kids in school" in Denmark, Mr. Mock said. "Bjarne made great contributions to (the pension plan) ... There were no disagreements over strategy."

Mr. Larsen joined OTPP in January 2016. He had been chief financial officer of Novo A/S, the majority shareholder of Danish drugmaker Novo Nordisk, and previously was CEO of Danish bank FIH Erhvervsbank. He was CIO of the 768.6 billion Danish kroner ($123.6 billion) ATP pension fund, Hilleroed, Denmark, until 2011.