Norway’s KLP is changing almost half of its group management team in a reshuffle aimed at putting more focus on pensions and business development – while relaxing scrutiny of its more independent divisions such as asset management and real estate.

Sverre Thornes, chief executive officer of the NOK913.4bn (€88.8bn) group, said: “We are now making KLP more robust for the future by establishing shorter decision-making paths, clarifying responsibilities, and strengthening the group management’s work with customer value, business development and operations.”

He also said the changes were aimed at strengthening the focus on pensions.

The changes involve four new roles being added to the nine-person group management lineup, and removing the heads of the banking, accident insurance, asset management and real estate divisions KLP Banken, KLP Skadeforsikring, KLP Kapitalforvaltning and KLP Eiendom from the top team, KLP said in the statement released on Monday.

Thornes said of these four divisions: “The business areas have grown larger and become more independent, and therefore do not need such close follow-up.”

He said that over the years, those units had created great value for KLP’s customers, and would continue to do so in the future.

The raft of changes are set to take effect on 1 January 2023, KLP said.

Cathrine Hellandsvik is to become executive director for life and pensions, where she will be responsible for the customer division, as well as for the customer and guidance centre, KLP said.

She had already been acting executive director for the life division since 1 August, the company said, and before that, had led the customer division since 2012.

Cathrine Hellandsvik at KLP

Cathrine Hellandsvik, KLP

Jarl Nygaard, who previously led business development at KLP, has been appointed to the newly-created group management team role of executive director for business development, the Oslo-based firm announced.

It said Nygaard would be in charge of finding the right technological solutions to meet business needs.

In another of the four new group management team roles, Ida Louise Skaurum Mo was to be executive director for business management, with her duties being extended from Ieading group legal and business management – which she had done in the last few years – to include leadership of social responsibility and financial crime, KLP said.

She will also be responsible for compliance and the risk and actuarial functions, it added.

The fourth new group management role is that of group director for pension operations, KLP said, but added that no individual had yet been appointed for that position. This director will be responsible for pension settlement and legal and contract management at KLP, the group said.

In the meantime, it said, Hellandsvik has been put in temporary charge of this area.

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