Torben Moger Pedersen will step down as CEO of PensionDanmark on Oct. 1 after 30 years in the role, a spokesman confirmed.
The board of PensionDanmark, which has €40 billion ($44 billion) in assets, is looking for a new CEO and expects to name the next top executive by summer.
"We have been discussing the long-term strategy of the company with Torben on a regular basis and considering his wish to focus on board work, we agreed, that the timing now is right for a new CEO to take charge," Lars Sandahl Sorensen, chairman of PensionDanmark's board, said in a news release Sunday.
Mr. Sorensen thinks Mr. Pedersen will leave the plan in "peak condition."
"This provides ideal conditions for new CEO to set the future direction for PensionDanmark," he added.
Mr. Pedersen has served as the plan's only CEO since it was established in 1993. Starting in October, he will focus on board work, advisory and private matters. Mr. Pedersen could not be immediately reached to comment.
PensionDanmark's assets were down 5% to 309 billion Danish kroner ($44.4 billion) as of Dec. 31 from a year earlier as a result of the negative investment returns, the latest report showed.
The fund reported a -6.5% return in 2022 for a participant who is 45 years of age.
The spokesman did not comment beyond the release.