Alecta announced a key appointment this morning in its drive to renew its leadership, saying Karin Cederbaum has been hired as the Swedish occupational pension giant’s new general counsel and head of its legal department.

Peder Hasslev, chief executive officer of Alecta since last autumn, said: “It is really great that Karin is starting as the new general counsel at Alecta.

“She has extensive experience and a high level of legal competence. In the improvement and development work we are carrying out, she will have an important role,” he said.

Cederbaum is currently CEO of investment firm Säkra Spar, and has previously worked as chief legal officer in Skandia Liv’s insurance unit, and as head of compliance at Swedbank.

Alecta said she will take up the new role in October 2024 at the latest.

Karin Cederbaum at Alecta

Karin Cederbaum at Alecta

In late November, the SEK1.24trn (€107bn) pension firm’s previous general counsel and head of legal, purchasing and sustainability William McKechnie, left by mutual agreement, with Alecta saying it was changing its organisational structure.

The Stockholm-based pension fund, which has been trying to rebuild its reputation under new leadership in the wake of high-profile investment losses, said its legal, purchasing and sustainability department would be split up and legal operations henceforth concentrated in their own department under the leadership of a general counsel, who would be a member of the company’s management team.

Cederbaum said today that Alecta had an important mission, contributing to security during and after working life for almost three million Swedes.

“The organisation is also working ambitiously to develop to become better, and I look forward to being able to contribute to this work,” she said.

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