Denmark’s largest pension fund ATP is losing its director in charge of communications and corporate social responsibility (CSR), and promoting the new head of its CEO office to replace her, according to an announcement.

Annemette Moesgaard, executive vice president at the DKK925bn (€124bn) organisation, will leave ATP at the end of October, and Marie Foltmann – who joined the pension fund in March as head of its CEO office as well as head of strategy – will take over her role and place on the group management team.

At the same time, ATP said, Foltmann would continue to head up ATP’s stakeholder management.

In a statement yesterday, ATP said: “Group management’s decision to strengthen ATP’s CEO office and the consequent organisational changes have meant that the role and tasks of communications director at ATP have changed, and therefore Annemette Moesgaard is resigning as executive vice president.”

In a post on LinkedIn, Moesgaard – who has worked with a succession of four CEOs since she joined ATP in 2012 – also said she was quitting for that reason.

“This has meant that the role and tasks of communications director have changed. My boss and I have had a good and open dialogue about this – and the result is that we have made a severance agreement,” she said.

“Although right now it feels surreal and sad to have to say goodbye to the job I have loved and which has filled a very large part of my life for over nine years – and although it is more than difficult to say goodbye to all my wonderful employees and colleagues, I also have a good feeling that the decision and timing is right for ATP and for me,” Moesgaard wrote.

ATP said that when Moesgaard joined in 2012, she had the task of establishing a communication department and developing and professionalising the pension fund’s communication work.

Bo Foged, CEO of ATP, said: “Over the years, Annemette has been of great importance to ATP. Partly as an adviser and sparring partner for the directors and group management staff who have come and gone, but also as a culture carrier.”

He said she had been instrumental in delivering a wide range of important tasks that ATP faced today.

Before working at ATP, Foltmann worked in communications and human resources at PenSam, and prior to that, was special adviser to the Danish Minister of Defence Nicolai Wammen.

Looking for IPE’s latest magazine? Read the digital edition here.