PFA, Denmark’s largest commercial pension provider, is losing one of its four directors, as group chief commercial officer Lars Ellehave-Andersen resigns from the DKK552bn (€74bn) company.
Ellehave-Andersen, who came to PFA from labour-market pension fund PensionDanmark, is responsible for corporate customers and partners, advisory services, subsidiary PFA Bank and Greenlandic business PFA Soraarneq.
PFA’s group chief executive Allan Polack said: “I have had discussions with Lars Ellehave-Andersen since the early part of the summer about his future role in PFA.”
He said the talks came at time when PFA was in the process of adapting its strategy, governance and value basis for the future.
“Lars Ellehave-Andersen said he had come to the conclusion he didn’t want to be part of the future PFA,” Polack said.
“It is regrettable, but, of course, I accept it.”
Polack will take responsibility for the sales and customer business previously handled by Ellehave-Andersen.
PFA’s group leadership now consists of the remaining three directors – Polack, Anders Damgaard and Jon Johnsen.
Danica Pension declined to comment on a report in the Danish media that Ellehave-Andersen was to move to a new job at Danica Pension in Norway.
PFA had no further comment on his departure.
PFA has lost the two managing directors of its asset management arm Poul Kobberup and Jesper Langmack to Danica Pension, with the men due to start at the Danske-Bank subsidiary in November.
Danica has attracted several top pensions professionals in Denmark recently as CFO Jacob Aarup-Andersen hires specialists to build an in-house team to implement a new strategy taking on more direct investments.
ATP’s former co-CIO Anders Svennesen started at Danica Pension as CIO in December.
Meanwhile, PFA is in a process of change after Polack started as its new chief executive in April, having come to the company from Nordea Asset Management.