Hanna Hiidenpalo was named interim CEO at Elo Mutual Pension Insurance Co., Helsinki.
Effective March 16, Ms. Hiidenpalo replaced Satu Huber, a news release said. Ms. Hiidenpalo also retains her role as CIO. It was Ms. Huber's personal decision to resign, a spokeswoman said. A recruitment process for a permanent CEO is underway, she added.
Ms. Huber was appointed CEO of the €25.9 billion ($30.8 billion) provider in June 2015. Ms. Huber feels that "now is the right time for Elo to start its journey towards future challenges," she said in the release. Details on her future plans were not available.
The change in CEO follows a decision in December by the country's Financial Supervisory Authority to appoint an authorized representative for Elo. The authority sent a letter to Elo relating to the "exceptional economic crisis of spring 2020 and the situation regarding Elo's solvency position at the time," which breached its solvency limit for one day.
The authority wanted a report on Elo's actions and decision-making criteria during the height of the coronavirus pandemic, which the retirement plan provider submitted in October.
Attorney Pekka Jaatinen was appointed in December to supervise Elo's operations and to act as a representative of the authority at Elo board meetings, but did not take part in decision-making.
The authority will reassess the need for an authorized representative in June at the latest.
Spokesmen for Elo could not immediately be reached for comment.
