The chief executive officer of Svenska Handelsbanken AB, Sweden’s third largest bank by market value, plans to retire upon turning 62 in October next year — three years earlier than envisaged.
The board says it has granted veteran banker Carina Akerstrom’s wish for a new contractual age of retirement of 62 from the current 65, according to a statement. Akerstrom hopes to focus on board roles after leaving Handelsbanken, she said.
“I have worked my whole adult life – over 35 years – at Handelsbanken, the past 25 of them in managerial, high-level positions,” Akerstrom said. “It has been incredibly interesting and enjoyable, but at times also quite demanding.”
The process of appointing her successor starts now, the Stockholm-based lender said.
The Swedish lender, among the big three in the Nordic nation, is currently in throes of a reorganization centered on its core markets of Sweden, Norway and the UK. To that end, it has sold its operations in Denmark and found buyers for large chunks of its business in Finland. But some units remain unsold and the bank has floated the idea of winding down a portion of its operations — including those servicing real estate clients — in neighboring Finland.
Read More: Handelsbanken Weighs Wind Down of Finnish Units as Sale Stumbles
Akerstrom, Handelsbanken’s first female CEO, took the helm in 2019 at the bank known for its conservative lending policies and decentralized decision making.
While the bank remains among the best capitalized in Europe, like peers it has struggled with costs including an extensive branch network. During Akerstrom’s tenure, the lender has lost 8% of market value on the Stockholm’s stock market, that compares with a 13% gain in the Stoxx Europe 600 Banks index.
The change to the CEO’s retirement plan entails no increased costs for the bank, according to the statement. Akerstrom has a defined-contribution pension plan corresponding to 35% of her salary. The premium payments will stop at the time her employment ends, the bank said.
