Yngve Slyngstad will leave the CEO position at Norges Bank Investment Management, the manager of the 10 trillion Norwegian kroner ($1 trillion) Government Pension Fund Global, Oslo, a spokeswoman said.
Mr. Slyngstad will remain in his position until a new CEO arrives and will subsequently remain at the sovereign wealth fund to focus on investment strategy. He will build up unlisted renewable energy infrastructure as a new investment area for GPFG, Norges said in a release Wednesday.
"Over these 12 years, the fund has delivered very good results and the fund has achieved a strong position internationally and in Norway," said Oystein Olsen, chairman of the executive board, in the release. "(Mr.) Slyngstad has been a distinct leader of Norges Bank Investment Management and developed a leading and global investment organization."
The board is searching for a new CEO of Norges Bank Investment Management effective immediately, the release said.
The spokeswoman did not comment beyond the release.