Velliv, Pension & Livsforsikring, a Danish pension fund managing $20 billion in investment assets, dismissed its chief executive officer of 15 years after he made a private investment that violated company guidelines.
Steen Michael Erichsen, 61, will leave immediately and will be replaced by Chief Commercial Officer Morten Moller until a permanent CEO is found, according to a statement on Monday.
"The board has found that he has crossed a line and we felt we had to make this decision," Anne Broeng, chairwoman of the pension fund, said by phone. She declined to provide any details on the investment that lead to the dismissal, saying "it's a private matter and we're not commenting further."
Velliv, which is based outside Copenhagen, was previously the Danish pension fund of Nordea Bank, but is currently owned by its 400,000 customers.