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Pension Funds

Danish pension fund CEO resigns

Christian Hyldahl

Christian Hyldahl departed as CEO of ATP, Hilleroed, Denmark, a spokeswoman said.

Mr.Hyldahl's replacement and a temporary CEO will be announced "as soon as possible," according to a news release from the 779.2 billion Danish kroner ($118 billion) pension fund.

Mr. Hyldahl, in the release, said he was resigning because Danish politicians, upon whom the pension fund depends, no longer have faith in him as CEO of ATP. "I must draw the conclusion that this will not change. At the same time, there is an increasing risk that the reputation of ATP will suffer, which should be avoided on any account," he said in the release.

Torben M. Andersen, chairman of the board said in the release that Mr. Hyldahl "has set a clear direction in developing ATP's activities and ensuring good pensions through social responsible investments, and the board of directors has been highly satisfied with (Mr. Hyldahl) as CEO of ATP. Personally, I have greatly appreciated our collaboration, which was much too short. But at the same time, I have great understanding and respect for the decision (he) has made."

Mr. Hyldahl recently was linked to allegations over dividend tax speculation during his tenure at Nordea Bank, prior to taking over as ATP's CEO on Jan. 1, 2017.