Denmark’s largest pension fund ATP has announced that Martin Præstegaard, currently its deputy chief executive officer and chief financial officer (CFO), will replace CEO Bo Foged in July, with the pension fund’s entire 13-person board having favoured Præstegaard as the next leader.
The DKK947bn (€127bn) statutory pensions giant said in a statement this morning that the Danish Financial Supervisory Authority had already approved Præstegaard as “fit and proper” for the role, and that Foged would continue as CEO until 30 June.
Præstegaard said: “I am very happy with the trust the board has shown me and look forward to the task that awaits me.”
He first came to ATP in September 2019, having been appointed as deputy CEO as well as CFO, leaving his previous job as head of department at the Danish finance ministry, where he had held several roles since 2002.
Præstegaard said ATP played a crucial role in Denmark’s welfare society, not only in relation to ”efficient” administration of public services and basic financial security for pensioners, but also in relation to Denmark’s green transition.
The choice of new CEO had been supported by a unanimous board, ATP said.
Torben Andersen, chair of ATP’s board, said that since joining the pension fund almost three years ago, he had had “an enriching and well-functioning collaboration” with Præstegaard.
“Martin is extremely competent and well suited to handle the important task of being a director of an institution that has a key function in Danish society,” he said.
Præstegaard had a strong ability to create results and think in terms of solutions, Andersen said, adding that he was therefore also the right person to lead “such an important social institution as ATP ”.
Præstegaard will be the first ATP CEO for decades to have a strong political/governmental background. The last such leader was the pension fund’s first CEO from 1989 to 1998, Palle Simonsen, who had been a government minister.