Mads Kaagaard was named CEO of Danica Pension, Copenhagen, effective Nov. 1, a spokesman confirmed.
Mr. Kaagaard will replace Soren Lockwood, who has been CEO of Danica Pension since February 2022. Mr. Lockwood will remain CEO until Mr. Kaagaard takes over, the spokesman said. Mr. Lockwood will retire after stepping down.
Danica Pension has 416 billion Danish kroner ($59.6 billion) in assets.
Mr. Kaagaard is currently group executive vice president at PFA Pension, Copenhagen, and is responsible for products and development. He was also interim group CEO of PFA Pension between February 2022 and December, following the resignation of Allan Polack. Mr. Polack joined Danske Bank as a board member.
Danica Pension and PFA Pension swapped top executives in recent months. In December, Danica Pension's group CEO, Ole Krogh Petersen, was named group CEO of PFA Pension, replacing Mr. Kaagaard in the interim role. Mr. Petersen served as Danica Pension's group CEO between 2018 and 2022.
PFA has 600 billion kroner in assets.